(1) If the University—
(a) forms, participates in the formation of, or is a member of, a company under section 48 that is not incorporated or taken to be incorporated under the Corporations Act; and
(b) has control, within the meaning of section 3 of the Audit Act 1994 , of that limited company—
the accounts of the company must be audited annually by the Auditor-General.
(2) The Auditor-General is not required to audit the accounts of a company incorporated or formed in a place outside Australia under this section if—
(a) under the law applying to that company in that place, the Auditor-General cannot be appointed as auditor of the company; or
(b) in the Auditor-General's opinion, it is impracticable or unreasonable for the Auditor-General to audit, or be required to audit, the accounts.