Clause 3

The Authority 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.(2) The Authority 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 Authority and over the expenditure incurred by the Authority.Appointment and powers of the Authority’s auditor46.—

The accounts of the Authority shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General (hereinafter in this Act referred to as the “Authority’s auditor”).(2) The Authority’s auditor shall be paid out of the funds of the Authority such fees as the Minister, after consultation with the Authority, may direct.(3) The Authority’s auditor or a person authorised by him shall be entitled to full and free access to all accounting and other records relating directly or indirectly to the financial transactions of the Authority and may make copies of, or extracts from, any such accounting and other records.(4) The Authority’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 duly authorised person considers necessary for the purposes of the functions of the auditor under this Act.(5) An officer of the Authority who refuses or fails without any reasonable cause to allow the Authority’s auditor access to any accounting and other records of the Authority 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 Authority’s auditor 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 statements47.—

The Authority shall, as soon as practicable after the close of the financial year, prepare and submit the financial statements in respect of that year to the Authority’s auditor who shall audit and report —

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

on such other matters arising from the audit as he considers necessary.(2) The Authority’s auditor shall state in his report whether —

proper accounting and other records have been kept;

the financial statements are prepared on a basis similar to that adopted for the preceding financial year;

the financial statements are in agreement with the accounting and other records;

the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Authority during the financial year have been in accordance with the provisions of this Act.(3) The Authority’s auditor may at any other time report to the Minister through the Authority upon any matter arising out of the performance of his audit.Presentation of financial statements and audit reports48.—

As soon as the accounts of the Authority and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Chairman and certified by the auditor, together with a copy of any report made by the Authority’s auditor, shall be submitted to the Minister.(2) Where the Auditor-General has not been appointed to be the Authority’s auditor a copy of the audited financial statements and any report made by the Authority’s 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 of the report of the Authority’s auditor to Parliament.Annual report49.—

The Authority shall, as soon as practicable after the end of each financial year but not later than four months from the end of that year, unless the Minister otherwise authorises in writing, furnish to the Minister a report of its functions during the preceding financial year.(2) The Minister shall present a copy of every such annual report to Parliament.”.