(1)  A registered club must keep accounting records that correctly record and explain its transactions and financial position and must do so in a manner that –

(a) allows true and fair accounts of the club to be prepared; and

(b) allows its accounts to be conveniently and properly audited or reviewed; and

(c) complies with the Australian Auditing and Assurance Standards, within the meaning of the Audit Act 2008 , and any directions given to it by Tasracing.

(2)  A registered club must allow the accounting records to be inspected at any reasonable time, free of charge, by –

(a) Tasracing or any person who is authorised for the purpose by Tasracing; or

(b) any member of the club.

(3)  A person who is entitled to inspect a registered club's accounting records may make copies of, or take extracts from, all or any of those records free of charge.

(4)  Within 45 days after the end of each of its financial years, a registered club must –

(a) prepare, for that financial year, financial statements that include any information required by Tasracing; and

(b) give Tasracing copies of those financial statements; and

(c) have those financial statements, and its accounting records for the same financial year, audited as required by Tasracing.

(5)  Tasracing may direct a registered club to have all or any of its accounts or records audited.

(6)  For the avoidance of doubt, the cost of any audit required to be conducted under this section is to be borne by the registered club in respect of which the audit is being conducted.