415   Auditing of financial reports

(1)  A council’s auditor must audit the council’s financial reports as soon as practicable (having regard to the requirements of section 416 (1)) after they are referred for audit.

(2)  A council’s financial reports must be audited in accordance with the requirements of:

(a)  the publications issued by the Australian Accounting Research Foundation, on behalf of the Australian Society of Certified Practising Accountants and the Institute of Chartered Accountants in Australia, under the titles Statements of Auditing Standards and Statements of Auditing Practice, as in force for the time being, subject to the regulations, and

(b)  such other standards as may be prescribed by the regulations.

(3)  The regulations may prescribe matters that an auditor must consider and provide comment on in auditing a council’s financial reports.