Local Government (Financial Management) Regulations 2011 (SA)

South Australia Local Government (Financial Management) Regulations 2011 under the Local Government Act 1999

Contents Part 1—Preliminary 1 Short title 3 Interpretation 4 Adopted standards etc Part 2—Financial accountability 5 Long‑term financial plans 6 Annual business plans 7 Budgets 8 Provision of subsidiary budgets to councils 9 Review of budgets 10 Report on financial results 10A Internal control policies Part 3—Accounting principles 11 Accounting standards 12 Revaluation of assets Part 4—Financial statements 13 Form of financial statements 14 Certification of financial statements 15 Prescribed day 16 Provision of information Part 5—Council and regional audit and risk committees 17 Membership of council audit and risk committee 17A Membership of regional audit and risk committee 17B Requirement to liaise with council auditor 18 Exemption Part 6—Audit Division 1—Audit standards 19 Audit standards Division 2—Subsidiaries 20 Auditor of subsidiary 21 Reporting Division 3—Independence of council auditor 22 Independence of council auditor Part 7—Other matters 23 Long service leave 24 Duty to insure against liability Legislative history

Part 1—Preliminary 1—Short title These regulations may be cited as the Local Government (Financial Management) Regulations 2011. 3—Interpretation In these regulations— Act means the Local Government Act 1999; Australian Accounting Standard means an Australian Accounting Standard published by the Australian Accounting Standards Board, as in force from time to time; Better Practice Model—Internal Financial Controls means the Better Practice Model—Internal Financial Controls referred to in regulation 4(2); budget means— (a) a budget prepared by a council under section 123 of the Act; or (b) a budget prepared by a subsidiary under clause 9 of Schedule 2 of the Act; or (c) a budget prepared by a regional subsidiary under clause 25 of Schedule 2 of the Act; financial statements has the same meaning as in paragraph 10 "Complete Set of Financial Statements" of the Australian Accounting Standard AASB 101; full cost attribution basis means a system under which all costs, including indirect and overhead costs, are allocated to a function, activity, good or service on a reliable and consistent basis (which may be unique to a particular council, council subsidiary or regional subsidiary); material has the same meaning as in Australian Accounting Standard AASB 101; Model Financial Statements means the Model Financial Statements referred to in regulation 4(3). 4—Adopted standards etc (1) For the purposes of the definition of Australian Accounting Standard— (a) the Australian Accounting Standards Board is declared to be a prescribed body under section 303(4) of the Act; and (b) a copy of the Australian Accounting Standards must be kept available at the principal office of the administrative unit of the Public Service primarily responsible to assist the Minister in the administration of this Act for the purposes of section 303(7)(c) of the Act. (2) For the purposes of the definition of Better Practice Model—Internal Financial Controls, the document entitled the Better Practice Model—Internal Financial Controls published by the LGA on 26 July 2012, as in force from time to time, is adopted by these regulations pursuant to section 303(4) of the Act. (3) For the purposes of the definition of Model Financial Statements, the document entitled the Model Financial Statements published by the LGA on 23 August 2006, as in force from time to time, is adopted by these regulations pursuant to section 303(4) of the Act. (4) An alteration to the Better Practice Model—Internal Financial Controls or the Model Financial Statements by the LGA has no force or effect for the purposes of subregulation (2) or (3) (as the case requires) unless or until the Minister has provided his or her written approval to the making of the alteration. (5) For the purposes of the definitions of Better Practice Model—Internal Financial Controls and Model Financial Statements— (a) the LGA is declared to be a prescribed body under section 303(4) of the Act; and (b) the principal office of the LGA (at 148 Frome Street, Adelaide, 5000 or, if the LGA moves its principal office, at that new address) is specified for the purposes of section 303(7)(c) of the Act.