Clause 5

The accounts of the Corporation shall be kept by a Chief Financial Officer appointed by and responsible to the Corporation.(2) The Chief Financial Officer shall prepare in respect of each financial year ending on the 31st day of December a statement of accounts in a form approved by the Minister.(3) The Chief Financial Officer shall keep proper accounts and records of the Corporation’s transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Corporation and over the expenditure incurred by the Corporation.Appointment and powers of the Corporation’s auditor21.—

The accounts of the Corporation shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General.(2) The Corporation’s auditor shall be paid out of the funds of the Corporation such remuneration, expenses or fees as the Minister, after consultation with the Corporation, shall direct.(3) The Corporation’s auditor shall be entitled to full and free access to all accounting and other records relating directly or indirectly to the financial transactions of the Corporation and may make copies of or extracts from any such accounting or other records.(4) The Corporation’s auditor or a person authorised by him may require any person to furnish him with such information which such person possesses or has access to as the auditor or the duly authorised person considers necessary for the purposes of the functions of the auditor under this Act.(5) An officer of the Corporation who refuses or fails without any reasonable cause to allow the Corporation’s auditor or a person authorised by him access to any accounting and other records of the Corporation in his custody or power or to give any information possessed by him as and when required or who otherwise hinders, obstructs or delays the Corporation’s auditor or any person authorised by him in the performance of his duties or the exercise of his powers shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars and in the case of a continuing offence to a further fine not exceeding one hundred dollars for every day or part thereof during which the offence is continued after conviction.Financial statements22.—

The Chief Financial Officer of the Corporation shall, not later than the 30th day of April in every year, prepare and submit the financial statements in respect of the preceding financial year to the Corporation’s auditor who shall audit and report on them.(2) The auditor shall, not later than the 30th day of June next following the end of the year in respect of which he is appointed, send to the Corporation and to the Minister a report of his audit and may also submit such periodical and special reports as may appear necessary to him.(3) The Corporation’s auditor shall report —

whether the financial statements show fairly the financial transactions and the state of affairs of the Corporation; and

on such other matters arising from the audit as he considers necessary.(4) The Corporation’s auditor shall state in his report whether —

proper accounting and other records have been kept; and

the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Corporation during the year have been in accordance with the provisions of this Act.Presentation of financial statements23.—

A copy of the audited financial statements signed by the Chairman and the Chief Financial Officer, and certified by the Corporation’s auditor, together with a copy of any report made by the auditor, shall be submitted to the Minister not later than the 31st day of July in each year.(2) Where the Auditor-General has not been appointed to be the auditor of the Corporation a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General at the same time as they are submitted to the Minister.(3) The Minister shall present a copy of the audited financial statements and the report of the Corporation’s auditor to Parliament.(4) The audited financial statements and the auditor’s report referred to in subsection (3) of this section shall be published in the Gazette.”.