Clause 22

The Board shall cause to be kept proper accounts and records of all transactions and affairs relating to the Fund and shall ensure that payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Fund.

The Minister shall, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements in respect of that year to the auditor referred to in subsection (3).

The accounts and annual financial statements of the Fund 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.

A person shall not be qualified for appointment as an auditor under subsection (3) unless he is an approved company auditor within the meaning of the Companies Act (Cap. 50).

The remuneration of the auditor shall be paid out of the Fund.

As soon as the financial statements have been audited, the auditor shall send to the Minister a copy of the audited financial statements together with a copy of any report made by the auditor.

Where the Auditor-General is not the auditor of the Fund, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General when they are submitted to the Minister.

The Minister shall as soon as practicable cause a copy of the audited financial statements and of the report of the auditor to be presented to Parliament.

The financial year of the Fund shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year of the Fund shall begin on the date of commencement of this Act and end on 31st March of the succeeding year.