Clause 119 of the Constitution states:
- In addition to the Public Accounts Committee established under subsection (1) there shall be a Public Accounts (Enterprises) Committee which shall consist of not less than six nor more than ten members,
- The Chairman of the Public Accounts (Enterprises) Committee shall be one of the Senators, if any, and if willing to act, appointed under section 40(2)(b) in accordance with the advice of the Leader of the Opposition and the other members such members of the House of Representatives and Senators as the House of Representatives may determine.
- Where the members of the Opposition in the Senate are unwilling to act as Chairman of the Public Accounts (Enterprises) Committee, a member of the Opposition in the House of Representatives shall be appointed and where the members of the Opposition in the House of Representatives are unwilling so to act, one of the Senators appointed by the President under section 40(2)(c) shall be appointed Chairman.
- The Public Accounts (Enterprises) Committee shall consider and report to the House of Representatives on:
- the audited accounts, balance sheets and other financial statements of all enterprises that are owned or controlled by or on behalf of the
State; and - the Auditor General’s report on any such accounts, balance sheets and other financial statements.
- the audited accounts, balance sheets and other financial statements of all enterprises that are owned or controlled by or on behalf of the
- For the purposes of subsection (8) and section 116(3) an enterprise shall be taken to be controlled by the State if the Government or any body controlled by the Government—
- exercises or is entitled to exercise control directly or indirectly over the affairs of the enterprise;
- is entitled to appoint a majority of the directors of the Board of Directors of the enterprise; or
- holds at least fifty per cent of the ordinary share capital of the enterprise, as the case may be.