412
CurrentAccounting records
Chapter 13How are councils made accountable for their actions?
Part 3Financial management
Division 2Accounting records, financial reports and auditing
412 Accounting records
(1)
A council must keep such accounting records as are necessary to correctly record and explain its financial transactions and its financial position.
(2)
In particular, a council must keep its accounting records in a manner and form that facilitate—
(a)
the preparation of financial reports that present fairly its financial position and the results of its operations, and
(b)
the convenient and proper auditing of those reports.
This Act’s bill:Explanatory memorandumSecond reading speech
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