Document ID: chunk:federal_register_of_legislation:C1973A00092:body:0:p7
Version: federal_register_of_legislation:C1973A00092
Segment Type: other
Provision Reference: 
Character Range: 15237–18064

transfer the moneys representing provisions made by the Commission for staff superannuation from the accounts of the Commission to the Commonwealth Superannuation Board or to such other trustees as the Treasurer approves.".

Bank accounts.
15. Section 33 of the Principal Act is amended by omitting sub-section (1) and substituting the following sub-section:—
"(1) The Commission may open and maintain an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.".

Application of moneys.
16. Section 34 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-section:—
"(2) Moneys of the Commission not immediately required for the purposes of the Commission may be invested—
       (a) on fixed deposit with an approved bank;
       (b) in securities of the Commonwealth; or
       (c) in any other manner approved by the Treasurer.".

17. Sections 35, 36 and 37 of the Principal Act are repealed and the following sections substituted:—

Proper accounts to be kept.
"35. The Commission shall cause to be kept proper accounts and records of the transactions and affairs of the Commission 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 Commission and over the incurring of liabilities by the Commission.

Audit.
"36. (1) The Auditor-General shall inspect and audit the accounts and records of financial transactions of the Commission and records relating to assets of, or in the custody of, the Commission, and shall forthwith draw the attention of the 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 Minister the results of the inspection and audit carried out under subsection (1).
"(4) The Auditor-General or an officer authorized by him is entitled at all reasonable times to full and free access to all accounts, records, documents and papers of the Commission relating directly or indirectly to the receipt or payment of moneys by the Commission or to the acquisition, receipt, custody or disposal of assets by the Commission.
"(5) The Auditor-General or an officer authorized by him may make copies of, or take extracts from, any such accounts, records, documents or papers.
"(6) The Auditor-General or an