48QAccounts and records of Territory authorities

48Q Accounts and records of Territory authorities

(1) The responsible manager or managers of a Territory authority must ensure that there are prepared and kept accounts and records that properly record and explain the transactions and financial position of the authority. (2) The accounts and records must be prepared and kept in accordance with: (a) the regulations; and (b) the Commonwealth Finance Minister’s Orders. (3) The responsible manager or managers of a Territory authority must ensure that the accounts and records are retained for the period ascertained in accordance with: (a) the regulations; or (b) if no regulations are in force for the purposes of paragraph (a)—the Commonwealth Finance Minister’s Orders.