Clause 12

The Board shall, as soon as practicable after the close of the financial year of the Fund, cause to be prepared and submitted to the Auditor-General the financial statements and accounts for the Fund relating to that financial year, and the Auditor-General shall then audit or cause an audit of the statements and accounts and report on them.

The financial year of the Fund shall be a period of 12 months ending on 31st March in any 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.

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

As soon as the accounts of the Fund and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements, together with a copy of any report made by the auditor, shall be submitted to the Board.

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 at the same time they are submitted to the Board.

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