(1) For each Commonwealth company, the Auditor - General is:
(a) to be the auditor of the company under the Corporations Act 2001 ; or
(b) if another person is the company's auditor--to give a report on the company's financial statements (see subsection 97(3)).
(2) The Auditor - General is (subject to subsection 99(3)) to audit the financial statements of each subsidiary of a Commonwealth company.