24Accounts, records, financial statements and audits

24 Accounts, records, financial statements and audits

(1)  The Corporation must maintain financial records that accurately reflect and record the transactions and financial position and performance of the business of the Corporation and any subsidiary of the Corporation.

(2)  Within 45 days after the end of a financial year, the Board is to –

(a) prepare the financial statements of the Corporation relating to that financial year; and

(b) if the Corporation has subsidiaries, prepare consolidated financial statements in respect of the Corporation and all its subsidiaries relating to that financial year; and

(c) in accordance with the Audit Act 2008 , provide the Auditor-General with the Corporation's financial statements and the consolidated financial statements.

(3)  Subject to subsection (1) , the members of the Corporation may direct the Board to include in the financial statements any financial information that the members consider appropriate.

(4)  The provisions of Chapter 2M of the Corporations Act apply to the Corporation as if it were a large proprietary company (within the meaning given to that term by that Act) for the purposes of that Chapter.

(5)  The Auditor-General is to be the auditor of the Corporation for the purposes of the Corporations Act.

(6)  The Auditor-General must provide the Board and a representative or representatives nominated by the members of the Corporation with a copy of his or her opinion in respect of the financial statements of the Corporation provided under section 19 of the Audit Act 2008 .