Education and Care Services National Law (Queensland)
sec.278Financial management duties of National Authority
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sec.278 Financial management duties of National Authority
The National Authority must— ensure that its operations are carried out efficiently, effectively and economically; and keep proper books and records in relation to the Authority Fund; and 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 ensure that its procedures, including internal control procedures, afford adequate safeguards with respect to— the correctness, regularity and propriety of payments made from the Authority Fund; and receiving and accounting for payments made to the Authority 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 Authority in relation to the Authority Fund, if directed to do so by the Ministerial Council.
- (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
- (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.
- (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