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(1) A Principal Spending Officer of a covered entity shall, within two months after the end of each financial year, prepare and submit to the Auditor-General and Controller and Accountant-General, the accounts and information set out in the Schedule.

(2) A Principal Spending Officer of a public corporation shall, within two months after the end of each financial year,

(a) prepare, in the format determined by the Controller and Accountant-General, a summary statement of financial performance of that public corporation;

(b) submit the summary statement to the Controller and Accountant-General and the Auditor-General; and

(c) submit a copy of the summary statement to the Minister.

(3) The accounts submitted under subsection (1) shall

(a) be prepared in accordance with accounting standards and associated policies;

(b) indicate the basis of accounting used in the preparation of the accounts; and

(c) indicate the action taken by the covered entity as regards the recommendations of Parliament on the report of the Auditor-General.

(4) The Auditor-General shall in accordance with the Audit Service Act, 2000 (Act 584) examine and audit the accounts submitted under this section.