Document ID: chunk:federal_register_of_legislation:C2004A02018:body:0:p42
Version: federal_register_of_legislation:C2004A02018
Segment Type: other
Provision Reference: 
Character Range: 103333–106080

in this section.
"(3) In this section, 'approved bank' means a trading bank as defined in sub-section 5(1) of the Banking Act 1959 or another bank approved by the Treasurer or a person authorized by the Treasurer to give approvals under this section.

Investment of moneys
"63e. (1) Moneys of the authority not immediately required for the purposes of the authority may be invested—
      (a) on deposit with an approved bank;
      (b) in Commonwealth securities; or
      (c) in any other manner approved by the Treasurer.
"(2) In sub-section (1), 'approved bank' means a trading bank as defined in sub-section 5(1) of the Banking Act 1959 or another bank approved by the Treasurer or a person authorized by the Treasurer to give approvals under this section.

Proper accounts to be kept
"63f. The authority shall cause to be kept proper accounts and records of the transactions and affairs of the authority in accordance with the accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorized and that adequate control is maintained over the assets of, or in the custody of, the authority and over the incurring of liabilities by the authority.

Audit
"63g. (1) The Auditor-General shall inspect and audit the accounts and records of financial transactions of the authority and records relating to assets of, or in the custody of, the authority, and shall forthwith draw the attention of the appropriate Minister to any irregularity disclosed by the inspection and audit that is, in the opinion of the Auditor-General, of sufficient importance to justify his so doing.
"(2) The Auditor-General may, at his discretion, dispense with all or any part of the detailed inspection and audit of any accounts or records referred to in sub-section (1).
"(3) The Auditor-General shall, at least once in each year, report to the appropriate Minister the results of the inspection and audit carried out under sub-section (1).
"(4) The Auditor-General or a person authorized by him is entitled at all reasonable times to full and free access to all accounts and records of the authority relating directly or indirectly to the receipt or payment of moneys by the authority or to the acquisition, receipt, custody or disposal of assets by the authority.
"(5) The Auditor-General or a person authorized by him may make copies of, or take extracts from, any such accounts or records.
"(6) The Auditor-General or a person authorized by him may require any person to furnish him with such information in the possession of the person, or to which the person has access, as the Auditor-General or authorized person considers necessary for the