Australia Public Governance, Performance and Accountability Act 2013 (PGPA Act) 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

What does 98-99 require?

For every Commonwealth company the Auditor-General either acts as the Corporations Act auditor or, where someone else holds that office, reports separately on the company's financial statements, and audits each subsidiary's statements subject to the exceptions. A company with a subsidiary at the close of the subsidiary's reporting period must, through its directors, see that all of that subsidiary's financial statements for the period are audited. The Auditor-General performs the audit unless the subsidiary was incorporated or formed overseas and either local law bars the appointment or the Auditor-General finds the audit impracticable or unreasonable. For a Corporations Act company subsidiary the Auditor-General reports under the Corporations Act rules, applied to other subsidiaries so far as practicable. The directors pass the auditor's report, with a copy of the subsidiary's statements, to the responsible Minister.