Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) As soon as practicable after receiving annual financial statements under section 42 for a Commonwealth entity, the Auditor - General must:
(a) examine the statements and prepare an audit report; and
(b) give the report to the entity's responsible Minister as soon as practicable after it is prepared.
(2) In the audit report, the Auditor - General must state whether, in the Auditor - General's opinion, the annual financial statements:
(a) comply with the accounting standards and any other requirements prescribed by the rules; and
(b) present fairly the entity's financial position, financial performance and cash flows.
If the Auditor - General is not of that opinion, the Auditor - General must state the reasons.
(3) If the Auditor - General is of the opinion that a failure of the annual financial statements to comply with:
(a) the accounting standards; or
(b) any other requirements prescribed by the rules;
has a quantifiable financial effect, then the Auditor - General must quantify that financial effect and state the amount, where practicable.
(4) A copy of the annual financial statements and the Auditor - General's report must be included in the Commonwealth entity's annual report that is tabled in the Parliament.
Note: See section 46 for the annual report.