| THIRD 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, except that the financial year of the Board for the year 2006 shall begin on 1st January 2006 and end on 31st March 2007. |
| Financial year |
| 1. [2/2007 wef 01/03/2007] |
| Accounts of 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 remuneration of 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 —
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| Auditor’s report |
| 8. The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Minister and to the Board, and shall also submit such periodical and special reports to the Minister and to the Board as may appear to him to be necessary or as the Minister or the Board may require. |
| Powers of auditor |
9.—(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 Board.
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| Penalty for obstructing auditor |
| 10. Any person who fails, without any reasonable cause, to comply with any requirement of the auditor or authorised person under paragraph 9 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 $250 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 and the Chief Executive, 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. |