| 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 —
|
| 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 —
|
| 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 |
| Penalty for obstructing auditor |
10. Any person who —
|
| 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. |