External independent attestation audit of annual financial statements
The school’s annual financial statements are to be audited and certified by an external independent auditor.
Evidence of compliance
The school’s proprietor is to certify or is to provide other evidence that the audit and accompanying certificate:
- have been completed by an auditor recognised by CPA Australia, Chartered Accountants Australia and New Zealand, the Institute of Public Accountants or another recognised accounting body approved by NESA
- comply with any other requirements imposed by Commonwealth or NSW Government agencies providing funding to the school
- have not been completed by a person or body with whom the school has another business relationship in addition to audit services or with whom any of the ‘responsible persons’ of the school has a conflict of interest.
A registration system and/or member school must have policy and procedures for notifying NESA if the contract or arrangement with the school’s external auditor is terminated by the school or external auditor prior to the expiry of the term of the contract or arrangement and the reason(s) for that termination.
The school’s audited and certified annual financial statements in relation to any period on and from 1 September 2014 are to be available for inspection and are to be retained for a minimum period of seven (7) years after the end of the period to which the annual financial statements refer before archiving or disposing.