60. Revenues of Authority
(1) The revenues
of the Authority shall consist of-
monies as may be appropriated by the National Assembly;
that the Authority may charge for services it may render;
paid in respect of fines imposed by the Authority under this Act;
and donations that the Authority may receive;
that the Authority may receive from investments, rentals, sale of land and
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
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-
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
business plan and its strategy and activity programme; and
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,
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.
(1) The Authority
may prescribe charges to be paid to the Authority in respect of services
provided by it.
limiting the generality of subsection (1), the services and facilities that the
Authority may charge for, include-
annual registration of public interest entities;
submission of financial statements and reports to it;
certified auditors of public interest entities;
firms for certified auditors of public interest entities;
inspections and reviewing audits;
of a branch of accountancy profession;
appeals to the full Board; and
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-
member of the Board; or
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-
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
accounts and related records of the Authority have been properly kept;
Authority has complied with all the financial provisions of this Act with which
it is its duty to comply; and
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
sheets and other financial statements for the year, including statements of
accounts specified in section 65, as required by applicable accounting
to the financial statements, as required by applicable accounting standards;
(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
shall cause to be conducted, by an independent auditor, a performance audit of
its operations at intervals of a period not exceeding three years.