The RTO has effective financial management procedures in place.
| 3.1 |
The RTO must designate a person, with direct access to the RTO’s Chief Executive, who has defined responsibility and authority to: |
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i |
ensure that the RTO complies with its financial management policies; |
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ii |
monitor and report on compliance with its financial management policies and procedures, for review and as a basis for improvement; and |
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iii |
when requested, provide the state or territory registering body that has registered it with a formal assurance that the RTO has sound financial management standards for matters related to the RTO’s scope of registration and scale of operations. |
| 3.2 |
The RTO’s accounts must be certified, at least annually, by a qualified accountant with membership of Certified Practising Accountants Australia or the Institute of Chartered Accountants of Australia and, on request, the report must be made available to the state or territory registering body that has registered the organisation. |
| 3.3 |
The RTO, if requested by the state or territory registering body that has registered it, must obtain, and make available to the state or territory registering body, a full audit report from a qualified independent accountant with membership of Certified Practising Accountants Australia or the Institute of Chartered Accountants of Australia. |
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| 3.4 |
The RTO must document and implement systems to protect fees paid in advance. |
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| 3.5 |
The RTO must have fair and reasonable refund policies. |