Clause 8

The Institute shall keep proper accounts and records of its 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 Institute and over the expenditure incurred by the Institute.(2) The Institute shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor of the Institute.Audit of accounts16.—

The accounts of the Institute shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General.(2) A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor under the Companies Act (Cap. 185).(3) The auditor or any person authorised by him is entitled at all reasonable times to full and free access to all accounting and other records relating directly or indirectly to the financial transactions of the Institute.(4) The auditor shall in his report state —

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

whether proper accounting and other records have been kept, including records of all assets of the Institute whether purchased, donated or otherwise;

whether the receipts, expenditure and investment of moneys, and the acquisition and disposal of assets by the Institute during the financial year were in accordance with the provisions of this Act; and

such other matters arising from the audit as he considers necessary.(5) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Institute.(6) The auditor shall also submit such periodical and special reports to the Minister and to the Institute as may appear to him to be necessary or as the Minister or the Institute may require.Presentation of financial statements and auditor’s report to Parliament16A.—

The Institute shall, as soon as the accounts of the Institute and the financial statements have been audited in accordance with the provisions of this Act, send to the Minister a copy of the audited financial statements, signed by the Director, together with a copy of the auditor’s report.(2) Where the Auditor-General is not the auditor of the Institute, 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 they are submitted to the Institute.(3) The Minister shall as soon as practicable cause a copy of the audited financial statements and of the auditor’s report referred to in subsection (1) to be presented to Parliament.Annual report16B.—

The Institute shall, as soon as practicable after the end of each financial year, submit to the Minister an annual report of the activities of the Institute during that year.(2) The Minister shall as soon as practicable cause a copy of every such report to be presented to Parliament.”.