1. The Council 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
adequate control is maintained over the assets of, or in the custody of, the Council and over the expenditure incurred by the Council.
2. The accounts of the Council 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.
3. A person shall not be qualified for appointment as an auditor under paragraph 2 unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).
4. The remuneration of the auditor shall be paid out of the moneys of the Council.
5. The Council 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 auditor who shall audit and report on them.
6. The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Council;
whether proper accounting and other records have been kept, including records of all assets of the Council whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Council 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.
7.—(1) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Council.
(2) The auditor shall submit such periodical and special reports to the Minister and to the Council as may appear to him to be necessary or as the Minister or the Council may require.
8.—(1) The auditor or any person authorised by him is entitled at any reasonable time to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Council.
(2) The auditor or any person authorised by him may make copies of, or take extracts from, any such accounting and other records.
(3) 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 or any duly authorised person considers necessary for the purposes of his functions under this Act.
9. Any person who fails, without any reasonable cause, to comply with any requirement of the auditor or authorised person under paragraph 8 or who otherwise hinders, obstructs or delays the auditor or authorised person 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 or part thereof during which the offence continues after conviction.
10. The Council shall, as soon as its accounts and financial statements have been audited in accordance with the provisions of this Act, send to the Minister a copy of the audited financial statements, signed by the Chairman, together with a copy of the auditor’s report.
11. Where the Auditor-General is not appointed as the auditor, 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 Council.
12. The Minister shall, as soon as practicable, cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.