278Financial management duties of National Authority

278 Financial management duties of National Authority The National Authority must— (a) ensure that its operations are carried out efficiently, effectively and economically; and (b) keep proper books and records in relation to the Authority Fund; and (c) ensure that expenditure is made from the Authority Fund for lawful purposes only and, as far as possible, reasonable value is obtained for money expended from the Fund; and (d) ensure that its procedures, including internal control procedures, afford adequate safeguards with respect to— (i) the correctness, regularity and propriety of payments made from the Authority Fund; and (ii) receiving and accounting for payments made to the Authority Fund; and (iii) prevention of fraud or mistake; and (e) 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 (f) take any action necessary to facilitate the audit of those financial statements in accordance with this Law; and (g) arrange for any further audit by a qualified person of the books and records kept by the National Authority in relation to the Authority Fund, if directed to do so by the Ministerial Council. Division 2—Reporting