A financial statement is a document prepared annually by Councils and other organisations that provides information about the
organisation's financial position, financial performance and cash flows.
Financial statements are audited. It is the responsibility of the auditor to prepare a report stating whether or not in the auditor's opinion the financial statement submitted by an organisation is free from material misstatements and is in compliance with prescribed accounting standards and legislation, and to prepare a report.
It states the financial statements must—
(a) be prepared in the manner and form prescribed by the regulations;
(b) be submitted in their finalised form to the auditor for auditing as soon as possible after the end of the financial year;
(c) be certified in the manner prescribed.