Document ID: chunk:federal_register_of_legislation:C2004A03957:body:0:p7
Version: federal_register_of_legislation:C2004A03957
Segment Type: other
Provision Reference: 
Character Range: 15532–18402

the Corporation are correctly made and properly authorised; and

    (b) adequate control is maintained over the assets of, or in the custody of, the Corporation and over the incurring of liabilities by the Corporation.

Penalty: $12,000.

Audit

"54c. (1) The Auditor-General must:

(a) inspect and audit:

(i) the accounts and records of the Corporation's financial transactions; and

(ii) the records relating to the Corporation's assets and assets in the Corporation's custody; and

    (b) immediately draw the attention of the Minister and the Board to any irregularity disclosed by the inspection and audit that, in the Auditor-General's opinion is sufficiently important to justify doing so.

"(2) The Auditor-General may dispense with all or any part of the detailed inspection and audit of any accounts or records.

"(3) The Auditor-General must, at least once in each financial year, report to the Minister and the Board the results of the inspection and audit.

"(4) An authorised auditor is entitled, at all reasonable times, to full and free access to all of the Corporation's accounts, records and other documents that relate directly or indirectly to:

(a) the receipt or payment of money by it; or

(b) the acquisition, receipt, custody or disposal of assets by it.

"(5) An authorised auditor may make copies of, or take extracts from, any accounts, records or documents referred to in subsection (4).

"(6) An authorised auditor may require any person to give such information in the possession of the person, or to which the person has access, as the authorised auditor considers necessary for the purposes of the Auditor-General's functions under this section.

"(7) A person must not refuse or fail to comply with a requirement under subsection (6) to the extent that the person is capable of complying with it.

Penalty: Imprisonment for 6 months.

"(8) A person must not, in purported compliance with a requirement under subsection (6), knowingly give information that is false or misleading in a material particular.

  Penalty: Imprisonment for 12 months.

"(9) A person is not excused from giving information under a requirement under subsection (6) on the ground that the information may tend to incriminate the person, but any information given under the requirement, and any information or thing (including any document) obtained as a direct or indirect consequence of the giving of the information, is not admissible in evidence against the person in any criminal proceedings (other than proceedings for an offence against subsection (7) or (8)).

"(10) In this section:

     'authorised auditor' means the Auditor-General or a person authorised by the Auditor-General to exercise the powers of an authorised auditor under this section.".

Audit of subsidiaries

29. Section 55 of the Principal Act is amended by omitting subsections (7)