On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 02/01/2011.
THIRD SCHEDULE
Financial Provisions
1. The financial year of the Authority 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 Authority shall begin on the appointed day and shall end on 31st March 1990.
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.
3.—(1) The accounts of the Authority 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 sub-paragraph (1) unless he is an approved company auditor under the Companies Act (Cap. 50, 1988 Ed.).
4. The remuneration of the auditor shall be paid out of the funds of the Authority.
[S 227/95 wef 18/05/1995]
5. The Authority shall, as soon as practicable but not later than 31st July in every year, prepare and submit the financial statements in respect of the preceding financial year to the auditor who shall audit and report on them.
6.—(1) The auditor shall in his report state —
(a)
whether the financial statements show fairly the financial transactions and the state of affairs of the Authority;
(b)
whether proper accounting and other records have been kept, including records of all assets of the Authority whether purchased, donated or otherwise;
(c)
whether the financial statements are prepared on a basis similar to that adopted for the preceding year;
(d)
whether the financial statements are in agreement with the accounting and other records;
(e)
whether the receipts, expenditure, investment of moneys, and the acquisition and disposal of assets by the Authority during the financial year have been in accordance with this Act; and
(f)
such other matters arising from the audit as he considers should be reported.
(2) The auditor shall send an annual report of his audit to the Authority not later than 30th September in each year.
7. The auditor may at any other time report to the Minister through the Authority upon any matter arising out of the performance of his audit.
8. 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 Authority.
9. The auditor or a person authorised by him may make copies of or extracts from any such accounting and other records.
10. The auditor may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under this Act.
11. Any person who fails without any reasonable cause to comply with any requirement of the auditor under paragraph 10 or who otherwise hinders, obstructs or delays the auditor in the performance of his functions under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day during which the offence continues after conviction.
12. As soon as the accounts of the Authority and the financial statements have been audited in accordance with the provisions of this Act but not later than 31st October in each year, 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 auditor, shall be submitted to the Minister.
13. Where the Auditor-General is not the auditor of the Authority, 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 Authority.
14. 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.