(1) If the University—
(a) forms, participates in the formation of, or is a member of, a limited company to which section 48 applies; and
(b) has control, within the meaning of section 3 of the Audit Act 1994 , of that limited company—
the accounts of the limited company must be audited annually by the Auditor-General.
(2) The requirements of subsection (1) are in addition to the requirements of the Corporations Act.