Document ID: chunk:federal_register_of_legislation:C2007C00533:clause:3_203dc
Version: federal_register_of_legislation:C2007C00533
Segment Type: clause
Provision Reference: sch 3 cl 203DC
Character Range: 450067–452132

203DC  Annual reports by representative body

Annual report

 (1) A representative body must, in respect of each financial year:
 (a) prepare a report of the operations of the body during that year, together with financial statements in respect of that year; and
 (b) give the report and the financial statements to ATSIC by 15 October in the next financial year.

Extensions of the deadline

 (2) ATSIC may grant an extension of time (whether or not the initial deadline has expired) in special circumstances.

Report to relate to representative body functions

 (3) The report and the financial statements are to relate only to the performance of its functions or the exercise of its powers.

Form of financial statements

 (4) The financial statements must be in such form as the Commonwealth Minister approves in writing, and must be accompanied by a copy of the report on those statements prepared in accordance with subsection (5).

Audit of financial statements

 (5) The financial statements must be audited by a person having the prescribed qualifications and appointed by the body for the purpose, who is to report to the body:
 (a) whether the statements are based on proper accounts and records; and
 (b) whether the statements are in agreement with the accounts and records; and
 (c) whether the receipt, expenditure and the investment of money, and the acquisition and disposal of assets, by the body during the year have been in accordance with this Act and any grant conditions imposed under subsection 203CA(1); and
 (d) as to such other matters arising out of the statements as the person appointed considers should be reported to the body.

Report to be laid before Parliament

 (6) On receipt of a report and financial statements given under subsection (1), ATSIC must provide a copy of each document to the Commonwealth Minister, who must cause them to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Commonwealth Minister receives that report and those financial statements.