Commonwealth Numbered Acts

AUSTRALIAN INSTITUTE OF SPORT (CONSEQUENTIAL PROVISIONS) ACT 1986 No. 104 of 1986 - SECT 17

17. Division 2 of Part XI of the Audit Act 1901 (as that Division applies by
virtue of sub-section 38 (1) of the Australian Institute of Sport Act 1986)
has effect in relation to the year ending on 30 June 1987 as if-

   (a)  sub-sections 63G (3) and (4) were omitted and the following
        sub-sections were substituted:

"(2A) The Auditor-General may inspect and audit such of the accounts and
records of financial transactions (including transactions relating to money
received or held on trust) of the company named 'Australian Institute of
Sport' that was incorporated on 24 September 1980 under the Companies
Ordinance 1962 of the Australian Capital Territory and records relating to the
assets (including assets held on trust) of, or in the custody of, the company,
being accounts and records in so far as they-

   (a)  relate to the period commencing on 1 July 1986 and ending immediately
        before the Australian Institute of Sport Act 1986 came into operation;
        and

   (b)  have become assets of the authority under section 12 of that Act,
and shall forthwith draw the attention of the appropriate Minister in relation
to the authority to any irregularity disclosed by the inspection and audit
that is, in the opinion of the Auditor-General, of sufficient importance to
justify the Auditor-General in so doing.

"(3) The Auditor-General shall-

   (a)  at least once in the year ending on 30 June 1988, report to the
        appropriate Minister the results of the inspection and audit carried
        out under sub-section (1) of the accounts and records of the authority
        in so far as they relate to the period commencing on the day on which
        the Australian Institute  of Sport Act 1986 came into operation and
        ending on the expiration of 30 June 1987; and

   (b)  at the time at which the Auditor-General makes the first such report
        to that Minister, also report to that Minister the results of any
        inspection and audit, carried out by the Auditor-General under this
        Act or any other Act, of the accounts and records of the company
        referred to in sub-section (2A) in so far as they relate to the period
        commencing on 1 July 1986 and ending immediately before the
        Australian Institute of Sport Act 1986 came into operation.

"(4) The Auditor-General or a person authorised by the Auditor-General is
entitled at all reasonable times to full and free access to-

   (a)  all accounts and records of the authority relating directly or
        indirectly to the receipt or payment of money by the authority or to
        the acquisition, receipt, custody or disposal of assets by the
        authority; and

   (b)  all accounts and records of the company referred to in sub-section
        (2A) that have become assets of the authority under section 12 of the
        Australian Institute of Sport Act 1986, being accounts and records
        relating directly or indirectly to the receipt or payment of money
        (including money received or held by the company on trust) by the
        company or to the acquisition, receipt, custody or disposal of assets
        (including assets received or held by the company on trust) by the
        company."; and

   (b)  section 63H were omitted and the following section were substituted:
Annual report and financial statements

"63H. (1) The authority shall, as soon as practicable after 30 June 1987,
prepare and submit to the appropriate Minister in relation to the authority a
report of-

   (a)  the operations of the company referred to in sub-section 63G (2A)
        during the period (in this section referred to as the 'first period')
        commencing on 1 July 1986 and ending immediately before the
        Australian  Institute of Sport Act 1986 came into operation; and

   (b)  the operations of the authority during the period (in this section
        referred to as the 'second period') commencing on the day on which
        that Act came into operation and ending on the expiration of 30 June
        1987,
together with financial statements in respect of the year ending on 30 June
1987, in such form as the Minister administering this Act approves, that-

   (c)  in so far as they are statements in respect of the first period,
        relate to the company during that period; and

   (d)  in so far as they are statements in respect of the second period,
        relate to the authority during that period.

"(1A) The report referred to in sub-section (1) shall, in so far as it relates
to the company referred to in sub-section 63G (2A), be prepared by the
authority having regard to-

   (a)  such of the accounts and records of the company as have become assets
        of the authority under section 12 of the
        Australian Institute of Sport Act  1986 ; and

   (b)  any information concerning the operation of the company that is given
        to the authority by persons who were members of the Board of
        Management or staff of the company.

"(1B) The financial statements referred to in sub-section (1) shall, in so far
as they relate to the company referred to in sub-section 63G (2A), be based on
the accounts and records referred to in paragraph (1A) (a) of this section.

"(2) Before submitting financial statements to the appropriate Minister under
sub-section (1), the authority shall submit them to the Auditor-General, who
shall report to the appropriate Minister-

   (a)  whether, in the opinion of the Auditor-General, the statements are
        based on proper accounts and records;

   (b)  whether the statements are in agreement with the accounts and records
        and, in the opinion of the Auditor-General, show fairly-

        (i)    the financial transactions of the company referred to in
               sub-section 63G (2A) during the first period; and

        (ii)   the financial transactions and the state of affairs of the
               authority during the second period;

   (c)  whether, in the opinion of the Auditor-General, the receipt,
        expenditure and investment of monies and the acquisition and disposal
        of assets, by the company during the first period have been in
        accordance with the law;

   (d)  whether, in the opinion of the Auditor-General, the receipt,
        expenditure and investment of monies and the acquisition and disposal
        of assets, by the authority during the second period have been in
        accordance with the enactment establishing the authority; and

   (e)  as to such matters arising out of the statements as the
        Auditor-General considers should be reported to the appropriate
        Minister.

"(3) The appropriate Minister shall cause copies of the report and financial
statements together with a copy of the report of the Auditor-General to be
laid before each House of the Parliament within 15 sitting days of that House
after their receipt by the appropriate Minister.".