What does 92 require?

A wholly-owned Commonwealth company must have an audit committee, and its directors are responsible for making sure it does. The committee's composition and functions must follow the rules, which for Commonwealth companies prescribe advice on financial reporting, performance reporting, risk oversight and internal control, a written charter and the membership requirements.

Australia Public Governance, Performance and...

Other controls in Chapter 3: Commonwealth companies, duties of directors, audit committee, government policy, corporate plans, budget estimates, annual reports and audit (sections 88 to 99) – Australia Public Governance, Performance and Accountability Act 2013 (PGPA Act)

91 Directors of a wholly-owned Commonwealth company: keep the responsible Minister informed of the activities of the company and its subsidiaries, give the responsible Minister or Finance Minister the reports and information required within the Minister's time limits, and notify significant decisions and significant issues that may affect or have affected the company
93 Government policy orders for wholly-owned Commonwealth companies: the directors must ensure compliance with any applicable order in relation to the company and, so far as practicable, its subsidiaries
95 Corporate plan for Commonwealth companies: the directors 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 the company's purposes relate to them, cover subsidiaries, and follow the rules when varying it
96 Budget estimates for wholly-owned Commonwealth companies: the directors prepare estimates covering the company's activities for each reporting period and any period the Finance Minister directs, fairly presenting the estimated financial impacts and complying with the Finance Secretary's directions, and give them to the Finance Secretary
97 Annual reports for Commonwealth companies: the directors give the responsible Minister the Corporations Act financial report, directors' report and auditor's report (as if a public company), plus any rule-prescribed information for a wholly-owned company, and an Auditor-General report where another auditor reported, by 21 days before the annual general meeting or four months after the period, whichever is earlier
98-99 Auditor of Commonwealth companies and subsidiaries: the Auditor-General is the company's Corporations Act auditor or reports on its statements, and the directors must ensure every subsidiary's financial statements are audited, by the Auditor-General unless the foreign-incorporation exceptions apply, and give the auditor's report with the statements to the responsible Minister

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