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VOLUME: X
FINANCIAL REPORTING
CHAPTER: 46:10
Part:X Financial and accountability provisions ss 6068
60.     Revenues of Authority

            (1) The revenues of the Authority shall consist of-

     (a)     such monies as may be appropriated by the National Assembly;

     (b)     fees that the Authority may charge for services it may render;

     (c)     money paid in respect of fines imposed by the Authority under this Act;

     (d)     grants and donations that the Authority may receive;

     (e)     income that the Authority may receive from investments, rentals, sale of land and buildings; and

     (f)      such other sources as may be approved by the Government.

            (2) The Authority shall use the funds acquired under subsection (1) to meet the costs incurred in its operations and shall use any surplus accrued for such purpose as it may determine, with the approval of the Minister.

61.     Annual estimates

            The Authority shall prepare, in such form and at such time, not later than three months before the commencement of each financial year, as may be prescribed-

     (a)     a budget in respect of the next ensuing financial year that sets forth the Authority's estimated receipts and expenditures and the sums which are likely to be required by it from the Government during the next ensuing financial year and forward;

     (b)     a business plan and its strategy and activity programme; and

     (c)     a certification by the Chief Executive and any other senior officer in charge of accounting and finance functions of the Authority, that the budget represents a fair and reasonable projection of the income and expenditure of the Authority,

copies of which shall be submitted to the Minister for consideration and approval of the sums shown in the budget to be required from the Government.

62.     Financial year

            The financial year of the Authority shall be a period of 12 months commencing on the 1st day of January and ending on the 31st day of December of every year.

63.     Imposition of fines

            The Authority may, as may be prescribed, impose fines against any contravention of the provisions of this Act.

64.     Charges

            (1) The Authority may prescribe charges to be paid to the Authority in respect of services provided by it.

            (2) Without limiting the generality of subsection (1), the services and facilities that the Authority may charge for, include-

     (a)     the annual registration of public interest entities;

     (b)     the submission of financial statements and reports to it;

     (c)     registering certified auditors of public interest entities;

     (d)     registering firms for certified auditors of public interest entities;

     (e)     performing inspections and reviewing audits;

     (f)      accreditation of a branch of accountancy profession;

     (g)     filing appeals to the full Board; and

     (h)     any other services provided by the Authority.

65.     Accounts and audit

            (1) The Authority shall keep and maintain proper books of accounts and records of accounts in respect of every financial year relating to the assets, liabilities, income and expenditure of the Authority, and shall prepare, in each financial year, a statement of such accounts.

            (2) The accounts of the Authority in respect of each financial year shall, within three months of the end thereof, be audited by an auditor appointed by the Board and approved by the Minister.

            (3) A person shall not be qualified to be appointed as an auditor where he or she is-

     (a)     a member of the Board; or

     (b)     a partner of a member of the Board.

            (4) In default of an appointment under subsection (2), the Board shall appoint another auditor.

            (5) An auditor appointed under subsection (2) shall report in respect of the accounts for each financial year, in addition to any other matter on which the auditor considers it necessary to comment on, whether or not-

     (a)     the auditor has received all information and explanations which, to the best of the auditor's knowledge and belief, were necessary for the performance of the auditor's duties;

     (b)     the accounts and related records of the Authority have been properly kept;

     (c)     the Authority has complied with all the financial provisions of this Act with which it is its duty to comply; and

     (d)     the statement of accounts prepared by the Authority was prepared on a basis consistent with that of the preceding year and represents a true and fair view of the transactions and financial affairs of the Authority.

            (6) The report of the auditor and a copy of the audited accounts shall, within 14 days of the completion thereof, be forwarded to the Authority by the auditor.

66.     Financial and annual report

            (1) The Authority shall prepare for each financial year, a financial report which shall consist of-

     (a)     balance sheets and other financial statements for the year, including statements of accounts specified in section 65, as required by applicable accounting standards;

     (b)     notes to the financial statements, as required by applicable accounting standards; and

     (c)     an annual report.

            (2) The financial report shall include all information necessary to give a true and fair view of the financial position and performance of the Authority.

            (3) The annual report for a financial year shall report on the Authority's operations and affairs during the year.

            (4) The financial report shall be caused to be audited by such auditor and in the same manner as stipulated for the statement of accounts in section 65.

            (5) The auditor shall audit the financial report and make a report to the Authority whether, in his or her opinion, the financial report gives a true and fair view of the state of affairs of the Authority as at the end of the financial year to which it relates, and where the auditor is not of that opinion, the report shall state the reason.

67.     Submission of reports to Minister

            (1) The Authority shall, within a period of six months of the end of the financial year, submit, to the Minister, a comprehensive report on the operations of the Authority during that year, the financial report, together with the auditor's report and the accounts audited under section 65.

            (2) A report compiled in accordance with subsection (1), the financial report and the auditor's report shall be laid before the National Assembly within three months of its receipt, or as soon as practicable thereafter.

68.     Performance audit

            The Authority shall cause to be conducted, by an independent auditor, a performance audit of its operations at intervals of a period not exceeding three years.