What does 42 require?

Soon after each reporting period closes, the accountable authority must produce the entity's annual financial statements and pass them to the Auditor-General without delay once prepared. The statements have to follow the accounting standards and any further rule requirements (the Financial Reporting Rule) and give a fair presentation of the entity's financial position, performance and cash flows, with extra information and explanation added wherever the standards alone would fall short of fair presentation. Within the statements the accountable authority states whether, in its opinion, those requirements are met, and the accountable authority of a government business enterprise adds whether in its opinion there are reasonable grounds to believe the entity can pay its debts as they fall due.

Australia Public Governance, Performance and...

Other controls in Part 2-3: corporate plans, budget estimates, performance records and statements, accounts, financial statements, audit, audit committee and annual report (sections 33 to 49) – Australia Public Governance, Performance and Accountability Act 2013 (PGPA Act)

35 Corporate plan: prepare a corporate plan at least once each reporting period, give it to the responsible Minister and the Finance Minister, comply with and publish it under the rules, address the Government's key priorities where relevant, cover subsidiaries, and follow the rules when varying it
36 Budget estimates: prepare estimates covering the entity's activities for each reporting period and any other period the Finance Minister directs, fairly presenting the estimated financial impacts, complying with the Finance Secretary's directions, and give them to the Finance Secretary
37 Performance records: keep records that properly record and explain the entity's performance in achieving its purposes, in a way that complies with the rules and enables the annual performance statements, with full and free access for the responsible Minister and Finance Minister
38 Measure and assess performance: measure and assess the entity's performance in achieving its purposes in compliance with the rules
39 Annual performance statements: prepare them as soon as practicable after the end of each reporting period, providing information about performance in achieving the entity's purposes in compliance with the rules, and include a copy in the tabled annual report
41 Accounts and records: keep accounts and records that properly record and explain the entity's transactions and financial position, comply with the rules, enable the annual and consolidated financial statements, and allow a convenient and proper audit, with full and free ministerial access
43 Audit of the annual financial statements: the Auditor-General examines the statements and reports to the responsible Minister, and a copy of the statements and the audit report must be included in the entity's tabled annual report
44 Subsidiaries of corporate Commonwealth entities: ensure every subsidiary's financial statements for each reporting period are audited, by the Auditor-General unless the foreign-incorporation exceptions apply, using Corporations Act rules where applicable, and give the auditor's report with the statements to the responsible Minister

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MCP endpoint All Australia Public Governance, Performance and Accountability Act 2013 (PGPA Act) controls