19. The Senate shall cause proper books of accounts to be kept with respect to —
all sums of moneys received and expended by the Academy and the matters in respect of which the receipt and expenditure takes place; and
all property acquired by the Academy.
20. The Senate shall from time to time cause to be prepared financial statements that will give a true and fair view of the income and expenditure of the Academy and its assets and liabilities.
21. Copies of the financial statements together with the auditor’s report thereon shall be circulated to all members.
—(1) The accounts of the Academy shall be audited by an auditor appointed annually by the Senate.
(2) No person shall be appointed as an auditor of the Academy unless he is an approved company auditor under the Companies Act (Cap. 50).
(3) The Academy’s auditor shall report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Academy; and
on such other matters arising from the audit as he considers necessary.
(4) The Academy’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 year; and
the financial statements are in agreement with the accounting and other records.
(5) The Academy’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 Academy and may make copies of, or extracts from, any such accounting and other records.
(6) The Academy’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.
(7) An officer of the Academy who refuses or fails without any reasonable cause to allow the Academy’s auditor access to any accounting and other records of the Academy 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 Academy’s auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part thereof during which the offence continues after conviction.