Financial management duties of National Agency and National Boards
212 Financial management duties of National Agency and National Boards
The
National Agency must—
ensure that its operations are carried out efficiently, effectively and economically; and
keep proper books and records in relation to the Agency Fund; and
ensure that expenditure is made from the Agency Fund for lawful purposes only and, as far as possible, reasonable value is obtained for moneys expended from the Fund; and
ensure that its procedures, including internal control procedures, afford adequate safeguards with respect to—
the correctness, regularity and propriety of payments made from the
Agency Fund; and
receiving and accounting for payments made to the Agency Fund; and
prevention of fraud or mistake; and
take any action necessary to ensure the preparation of accurate financial statements in accordance with Australian Accounting Standards for inclusion in its annual report; and
take any action necessary to facilitate the audit of those financial statements in accordance with this Law; and
arrange for any further audit by a qualified person of the books and records kept by the National Agency in relation to the Agency Fund, if directed to do so by the Ministerial Council.
A
National Board must—
ensure that its operations are carried out efficiently, effectively and economically; and
take any action necessary to ensure that the National Agency is able to comply with this section in relation to the funding of the National
Board in exercising its functions.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.