SECOND SCHEDULE
Section 17
Financial provisions
Financial year
1.  The financial year of the Board shall begin on 1st April of each year and end on 31st March of the succeeding year.
Accounts of Board
2.  The Board shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that —
(a)all payments out of its moneys are correctly made and properly authorised; and
(b)adequate control is maintained over the assets of, or in the custody of, the Board and over the expenditure incurred by the Board.
Auditor
3.  The accounts of the Board shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General.
Appointment of auditor
4.  A person shall not be qualified for appointment as an auditor under paragraph 3 unless he is an approved company auditor under the Companies Act (Cap. 50).
Remuneration of auditor
5.  The auditor shall be paid out of the funds of the Board.
Annual financial statements
6.  The Board 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.
Duties of auditor
7.  The auditor shall in his report state —
(a)whether the financial statements show fairly the financial transactions and the state of affairs of the Board;
(b)whether proper accounting and other records have been kept, including records of all assets of the Board whether purchased, donated or otherwise;
(c)whether the receipts, expenditure, and investment of moneys and the acquisition and disposal of assets by the Board during the financial year have been in accordance with this Act; and
(d)such other matters arising from the audit as he considers should be reported.
Auditor’s report
8.  The auditor may at any other time report to the Minister through the Board upon any matter arising out of the performance of his audit.
Powers of auditor
9.—(1)  The auditor or any person authorised by the auditor 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 Board.
(2)  The auditor or a person authorised by the auditor may make copies of, or make extracts from, any such accounting and other records.
(3)  The auditor or any person authorised by 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 or any authorised person considers necessary for the purposes of carrying out his functions under this Act.
Penalty for obstructing auditor
10.  Any person who —
(a)fails, without any reasonable cause, to comply with any requirement of the auditor or authorised person under paragraph 9; or
(b)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 $500 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.
Presentation of audited financial statements and auditor’s report
11.  As soon as the accounts of the Board and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements signed by the Chairman, together with a copy of any report made by the auditor, shall be submitted to the Minister.
Copy of auditor’s report for Auditor-General
12.  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 Board.
Presentation to Parliament
13.  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.