ACCOUNTING AND AUDIT
11. The Minister shall cause to be kept proper accounts and records of all transactions and affairs relating to the Pension Fund and shall do all things necessary to ensure that all 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.
—(1) 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-General who shall audit and report on them.
(2) In this section, the financial year of the Pension Fund shall begin on 1st April of each year and end on 31st March of the succeeding year.
—(1) For successive periods of such duration, not exceeding 5 years, as the Minister may determine in each case, an examination of the Pension Fund shall be made by a person appointed by the Minister.
(2) Notwithstanding subsection (1), where an amendment is made —
to any prescribed superannuation scheme or to any regulations relating to such scheme,
and the amendment affects the cost of benefits payable under the law or scheme or creates an initial unfunded liability, the Minister shall, for the purposes of section 4(1)(a), appoint a person to make an examination and report on the state of the Pension Fund.
(3) The person appointed under subsection (1) or (2) shall, at the end of his examination, report to the Minister the state of the Pension Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.
(4) The Minister shall cause a copy of every such report to be presented to Parliament forthwith after receipt thereof.
14. Except as otherwise expressly provided in this Act, the provisions of the Financial Procedure Act (Cap. 109) and any regulations made thereunder shall apply to the Pension Fund.