The Fair Work (Registered Organisations) Act 2009 requires that the financial affairs of unions are checked and audited every 12 months to make sure union funds are administered properly and to detect any shortcomings. Unions are also required to prepare an operating report. The National Executive and the Branches of the ASU each have their own audits conducted and prepare their own reports.
Below you can download the full audited financial statements and operating report of the National Executive for the financial year ending June 30, 2012. As you will see, the auditor declared that:
"In our opinion-
(a) the financial report is properly drawn up so as to present fairly the financial position of the National Executive as at 30th June 2012 and its performance for the year ended on that date; and
(b) the financial report is in accordance with the provisions of the Fair Work (Registered Organisations) Act 2009 and Australian Accounting Standards."
Related Documents: 
2011-2012 Financial Statements