Petroleum and Minerals Authority Act 1973

The Authority shall, as soon as practicable after each 30 June, prepare and furnish to the Minister, for presentation to the Parliament, a report of its operations during the year ended on that date, together with financial statements in respect of that year in such form as the Treasurer approves.

Before furnishing financial statements to the Minister, the Authority shall submit them to the Auditor-General, who shall report to the Minister—

whether the statements are based on proper accounts and records;

whether the statements are in agreement with the accounts and records and show fairly the financial transactions and the state of affairs of the Authority;

whether the receipt, expenditure and investment of moneys, and the acquisition and disposal of assets, by the Authority during the year have been in accordance with this Act; and

as to such other matters arising out of the statements as the Auditor-General considers should be reported to the Minister.

The Minister shall cause the report and financial statements, together with the report of the Auditor-General, to be laid before each House of the Parliament within 15 sitting days of that House after their receipt by the Minister.

The first report and financial statements to be prepared and furnished to the Minister by the Authority under this section shall relate to the period commencing on the date of commencement of this Act and ending on 30 June 1974.