8. All expenses incurred in connection with the administration of the ComCare Fund, including the cost of auditing the accounts of the Fund, shall be defrayed out of the income of the Fund.
[LLEFA 2000 Ed., s. 7]
9. The financial year of the ComCare Fund 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 Fund shall begin on the date of its establishment and end on 31st March of the succeeding year.
[LLEFA 2000 Ed., s. 8]
—(1) The Minister shall cause to be kept proper accounts and records of all transactions and affairs relating to the ComCare Fund and shall do all things necessary to ensure that all payments out of the Fund are properly authorised and correctly made and that adequate control is maintained over the assets and receipts of the Fund.
(2) 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 of the ComCare Fund.
[LLEFA 2000 Ed., s. 9]
11. No payment shall be made out of the ComCare Fund unless such payment is approved by the Minister or any authorised officer.
[LLEFA 2000 Ed., s. 10]
—(1) The accounts of the ComCare Fund 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 subsection (1) unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).
(3) 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 ComCare Fund and may make copies of, or extracts from, any such accounting and other records.
(4) The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the ComCare Fund;
whether proper accounting and other records have been kept, including records of all assets of the ComCare Fund;
whether receipts, expenditure, and investment of moneys and the acquisition and disposal of assets on account of the ComCare Fund during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as he considers necessary.
(5) The auditor shall —
as soon as practicable after the accounts of the ComCare Fund have been submitted for audit, send a report of his audit to the Minister; and
submit such periodical and special reports to the Minister as may appear to him to be necessary or as the Minister may require.
(6) Where the Auditor-General is not the auditor of the ComCare Fund, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General.
[LLEFA 2000 Ed., s. 11]
—(1) The auditor or any person authorised by him 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.
(2) Any person who fails, without reasonable excuse, to comply with any requirement of the auditor under subsection (1) or who otherwise hinders, obstructs or delays the 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 $1,000.
[LLEFA 2000 Ed., s. 12]
14. The Minister shall, as soon as practicable, cause an annual report in respect of the administration of the ComCare Fund during the preceding financial year to be prepared and shall present a copy of such report and of the audited financial statements and the auditor’s report to Parliament.
[LLEFA 2000 Ed., s. 13]