15Financial statements of Skills Institute

15 Financial statements of Skills Institute

(1)  As soon as practicable after the commencement day, the Skills Institute Board is to –

(a) prepare financial statements for the Skills Institute for the financial year ending on 30 June 2013; and

(b) provide the Auditor-General with those financial statements.

(2)  The financial statements are to contain the information and documents that are referred to in section 27(2) of the Skills Institute Act.

(3)  The financial statements –

(a) are to comply with any directions given under subsection (4) ; and

(b) subject to any directions so given, are to comply with the Australian Accounting Standards.

(4)  The Treasurer may give written directions to the Skills Institute Board with respect to the form of the financial statements.

(5)  The Skills Institute audit committee is to provide the Skills Institute Board with such advice as that Board requires for the purposes of fulfilling its obligations under this section.

(6)  The Auditor-General must –

(a) audit the financial statements as if the Skills Institute were still in existence and a State authority, within the meaning of the Audit Act 2008 ; and

(b) provide the Skills Institute Board and the Minister with a copy of his or her report made under section 19 of the Audit Act 2008 .