693Annual report

693 Annual report

693 Annual report

(1) The Regulator must, within 3 months after the end of each financial year, give the responsible Ministers an annual report for the financial year.

(2) The annual report must—

(a) include for the period to which the report relates—

(i) the financial statements that have been audited by an auditor decided by the responsible Ministers; and

(ii) a statement of actual performance measured against the National Performance Measures (Standards and Indicators) outlined in the current corporate plan under section 695; and

(iii) a statement of exceptions where the National Performance Measures (Standards and Indicators) were not achieved, including a statement of issues that impacted on the achievement of the measures; and

(iv) a statement of trend analysis relating to performance measured against the National Performance Measures (Standards and Indicators); and

(v) a statement of the outcome of consultation strategies and activities, including a summary of industry comments; and

(vi) a statement of the achievements attained in implementing, and the challenges encountered in implementing, the Regulator’s objectives stated in the current corporate plan; and

(vii) a statement of the achievements attained in the exercise of the Regulator’s functions; and

(viii) a statement of arrangements in place to secure collaboration with State and Territory agencies and the effectiveness of those arrangements; and

(ix) a statement indicating the nature of any reports requested by the responsible Ministers under section 694; and

(x) other matters required by the national regulations; and

(b) be prepared in the way required by the national regulations.

(3) Without limiting subsection (2)(b), the national regulations may provide—

(a) that the financial statements are to be prepared in accordance with Australian Accounting Standards; and

(b) for the auditing of the financial statements.