212Financial management duties of National Agency and National Boards

212 Financial management duties of National Agency and National Boards

212 Financial management duties of National Agency and National Boards

(1) The National Agency must—

(a) ensure that its operations are carried out efficiently, effectively and economically; and

(b) keep proper books and records in relation to the Agency Fund; and

(c) 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

(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 Agency Fund; and

(ii) receiving and accounting for payments made to the Agency 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 Agency in relation to the Agency Fund, if directed to do so by the Ministerial Council.

(2) A National Board must—

(a) ensure that its operations are carried out efficiently, effectively and economically; and

(b) 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.