Div 4Accounts and audit

Division 4—Accounts and audit 15—Accounting records to be kept (1) The Trust must keep accounting records that correctly record and explain its financial transactions and financial position. (2) The records must be kept in a form— (a) that facilitates the convenient and proper auditing of the records; and (b) that facilitates the preparation of true and fair financial statements in a form that facilitates the convenient and proper auditing of the statements. 16—Preparation of financial statements (1) The Trust must, as soon as practicable after the end of each contribution year, cause financial statements in respect of that contribution year to be prepared in accordance with recognised accounting standards and cause the statements to be audited. (2) An audit must be carried out by— (a) a registered company auditor; or (b) a firm of registered company auditors; or (c) a member of the Australian Society of Certified Practising Accountants; or (d) a member of The Institute of Chartered Accountants in Australia. (3) The following persons must not be appointed as auditor of the accounts of the Trust: (a) a member of the Trust; or (b) the owner of an irrigated property who is not a member of the Trust; or (c) the owner of an irrigated property within the meaning of the Irrigation Act 1994 who is not a member of the Trust (see section 4(1)). (4) An auditor of the Trust has a right of access at all reasonable times to the accounting records and other records of the Trust and is entitled to require from any officer or employee of the Trust or any other person such information and explanations as he or she requires for the purposes of the audit. (5) An officer or employee of the Trust or other person must not, without lawful excuse— (a) refuse or fail to allow an auditor access, for the purposes of an audit, to any accounting records and other records of the Trust in his or her custody or control; or (b) refuse or fail to give any information or explanation as and when required by an auditor; or (c) otherwise hinder, obstruct or delay an auditor in the exercise or performance of a power or function of the auditor. (6) An auditor must, on the completion of the audit, prepare a report on the audit. 17—Accounts etc to be laid before annual general meeting (1) At each annual general meeting of the Trust, the Trust must lay before the meeting— (a) a copy of the audited financial statements of the Trust for the previous contribution year and a copy of the auditor's report; and (b) a report prepared by the Trust on the operations of the Trust in the previous contribution year. (2) At the request of the Minister or any member of the Trust, the Trust must provide the Minister or member with a copy of the audited financial statements, the auditor's report and the report prepared by the Trust in respect of the contribution year to which the request relates. (3) The Trust must make the minutes of meetings of the Trust available for inspection by its members and must, on payment of the prescribed fee, provide a member with a copy of the minutes of one or more of its meetings.