Audit

Keeping of accounting records, drawing up of financial statements and auditing

(1) The financial year of the board shall end in each year upon the date determined by the board with the approval of the Cabinet.

(2) The board shall cause-

   (a)    to be kept in one of the official languages at an address in the territory approved by the Cabinet such accounting records as are necessary fairly to reflect and explain the state of affairs-

       (i)      of all moneys received or expended by it in terms of this Chapter;

       (ii)      of all its assets and liabilities;

      (iii)      of all its financial transactions and the financial position of its business; and

   (b)    as soon as possible, but not later than six months, after the end of each financial year, annual financial statements to be prepared showing, with all the appropriate particulars, the moneys received and the expenditure incurred by it during, and its assets and liabilities at the end of, the financial year.

(3) The accounting records and financial statements referred to in subsection (2) shall be audited by an auditor appointed by the board.

[a112y1976s11]

Report by board

(1) The board shall furnish the Cabinet with such information as he may desire from time to time in connection with functions and financial position of the board, and shall in addition submit to the Cabinet an annual report, including annual financial statements audited in accordance with section 10(3), on its functions.

(2) Every report furnished under subsection (1) shall as soon as may be practicable be laid upon the table of the Nationals Assembly by the Cabinet.

Auditing of accounts of fund

The board shall-

   (a)    cause to be kept in one of the official languages at an address in the territory approved by the Cabinet such accounting records as are necessary fairly to reflect and explain the state of affairs-

       (i)      of all moneys received or expended by or on behalf of the fund;

       (ii)      of all the assets and liabilities of the fund;

      (iii)      of all the financial transactions of the fund and the financial position of its business;

   (b)    as soon as possible, but not later than six months, after the end of each financial year of the fund ending in each year on a date determined by the board with the approval of the Cabinet, cause annual financial statements in respect of the fund to be prepared showing, with all the appropriate particulars, the moneys received and expenditure incurred by the fund during, and its assets and liabilities at the end of, the financial year of the fund;

   (c)    cause the accounting records and annual financial statements of the fund to be audited by an auditor appointed by the board; and

   (d)    submit to the Cabinet the audited annual financial statements of the fund in respect of each financial year.

Duty of estate agent to keep accounting records

Every estate agent shall in respect of his activities as such-

   (a)    keep in one of the official languages at an address in the territory such accounting records as are necessary fairly to reflect and explain the state of affairs-

       (i)      of all moneys received or expended by him, including moneys deposited to a trust account referred to in section 32(1) or invested in a savings or other interest-bearing account referred to in section 32(2)(a);

       (ii)      of all his assets and liabilities; and

      (iii)      of all his financial transactions and the financial position of his business;

   (b)    cause the accounting records referred to in paragraph (a) to be audited by an auditor within four months after the final date of the financial year of the estate agent, which final date shall after the commencement of section 15 of the Estate Agents Amendment Act, 1987, not be altered by him without the prior written approval of the board.