Commonwealth Consolidated Acts Commonwealth Consolidated ActsProper accounts and records to be kept
(1) A representative body must keep accounting records that properly record and explain its transactions and financial position, to the extent that its transactions and financial position relate to the performance of its functions or the exercise of its powers. It must keep those records in a way that allows them to be conveniently and properly audited in accordance with this Division.
Accounting records to be separate from others
(2) The body must keep accounts and records required to be kept by subsection (1) separate from any other accounts and records kept by the body.
Retention of accounting records
(3) The body must retain those records for at least 7 years after completion of the transactions to which they relate.
Availability of accounting records
(4) The body must make those records available at all reasonable times for inspection by any director of the body.