691Financial management duties of Regulator

691 Financial management duties of Regulator

691 Financial management duties of Regulator

The Regulator must—

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

(b) keep proper books and records in relation to the Fund and other money received by the Regulator; and

(c) ensure expenditure is made from the Fund for lawful purposes only and, as far as possible, that reasonable value is obtained for money expended from the Fund; and

(d) ensure its procedures, including internal control procedures, afford adequate safeguards with respect to—

(i) the correctness, regularity and propriety of payments made from the Fund; and

(ii) receiving and accounting for payments made to the 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 the financial statements under this Law; and

(g) arrange for any further audit by a qualified person of the books and records kept by the Regulator if directed to do so by the responsible Ministers.