49Audit of annual consolidated financial statements

#### 49 Audit of annual consolidated financial statements (1) As soon as practicable after receiving the annual consolidated financial statements under section 48, the Auditor‑General must: (a) examine the statements and prepare an audit report; and (b) give a copy of the report to the Finance Minister as soon as practicable after it is prepared. (2) In the audit report, the Auditor‑General must state whether, in the Auditor‑General’s opinion, the annual consolidated financial statements: (a) comply with the accounting standards and any other requirements prescribed by the rules; and (b) present fairly the consolidated financial position, financial performance and cash flows. If the Auditor‑General is not of that opinion, the Auditor‑General must state the reasons. (3) If the Auditor‑General is of the opinion that a failure of the annual consolidated financial statements to comply with: (a) the accounting standards; or (b) any other requirements prescribed by the rules; has a quantifiable financial effect, then the Auditor‑General must quantify that financial effect and state the amount, where practicable. (4) The Finance Minister must cause a copy of the audit report to be tabled in each House of the Parliament as soon as practicable after receipt. The copy that is tabled must be accompanied by a copy of the annual consolidated financial statements.