Financial Administration: Audit and Reporting Requirements

Further information

Guild Regulations made under Statute 20

25.1 General Regulations

25.1.1 The Guild is required to–

(a) adopt and comply with the accounting standards under the Financial Management Act;

(b) keep such accounting records as correctly record and explain the affairs of the Guild and its financial position; and

(c) keep its accounting records in a manner that will enable:

(i) the presentation from time to time of true and fair accounts of the Guild; and

(ii) the accounts of the Guild to be conveniently and properly audited in accordance with the Financial Management Act as if the Guild were a body to which the Financial Management Act applies.

25.1.2 Guild Council appoints as auditor of the Guild accounts, a person or firm of registered auditors that would be eligible for appointment as an auditor to a body under the Financial Management Act.

25.1.3 Within 90 days after the end of each Guild year, the Guild Council must provide the Guild's auditor with the accounts that give a true and fair view of the income, expenditure and financial affairs of the Guild for that Guild year.

25.1.4 The auditor is to exercise the powers and perform the role of auditors under the companies laws.

25.1.5 The Guild Council must cause the accounts of the Guild and the auditor's report on those accounts, in respect of each Guild year, to be prepared so as to comply with the requirements and standards with which a public statutory body is, and the director and auditors of a company are, required to comply under the companies laws.

25.1.6 Within four and a half months after the end of each Guild year, Guild Council is to transmit to the Senate, a report of the proceedings of the Guild which includes the accounts and auditor's reports, for that year.