415Auditing of financial reports

#### 415 Auditing of financial reports 415 Auditing of financial reports > > (1) A council’s auditor must audit the council’s financial reports as soon as practicable (having regard to the requirements of section 416(1)) after they are referred for audit. > > > (2) A council’s financial reports must be audited in accordance with the requirements of— > > > > > (a) the publications issued by the Australian Accounting Research Foundation, on behalf of the Australian Society of Certified Practising Accountants and the Institute of Chartered Accountants in Australia, under the titles Statements of Auditing Standards and Statements of Auditing Practice, as in force for the time being, subject to the regulations, and > > > > > (b) such other standards as may be prescribed by the regulations. > > > (3) The regulations may prescribe matters that an auditor must consider and provide comment on in auditing a council’s financial reports. > > > (4) In auditing the financial reports of the council, a council’s auditor must also audit the financial reports of any council entity and report on that audit as part of the report on the council by the auditor. > > > (5) In this Part— > > > > council entity means— > > > > > (a) a partnership, trust, corporation, joint venture, syndicate or other body (whether or not incorporated) that a council has formed or participated in forming or has acquired a controlling interest in, other than an entity of a class prescribed by the regulations, or > > > > > (b) any other entity of a class prescribed by the regulations. > > **s 415:** Am 1998 No 16, Sch 1 \[7\] \[8\]; 2016 No 38, Sch 1 \[36\].