145Accounts and reports

145 Accounts and reports

(1)  The Trust is to keep financial statements for all of its transactions.

(2)  By 30 September in each year, the Trust is to prepare the financial statements for the immediately preceding financial year ending on 30 June and have those statements audited by an auditor.

(3)  Within one month after receiving the financial statements of the Trust, the auditor must –

(a) report to the Trust whether, in his or her opinion, the requirements of the Act in respect of the handling of money by the Trust have been complied with or have not been complied with fully; and

(b) if the auditor finds that the requirements of the Act have not been complied with fully, specify in the audit report –

(i) the matters in respect of which there has not been full compliance; and

(ii) the extent of the non-compliance.

(4)  Within 7 days after receiving the audit report, the Trust is to give a copy of the audit report to –

(a) the Minister; and

(b) the Board.

(5)  Without limiting the generality of section 170 , regulations made under this Act may make provision as to –

(a) the keeping of accounts and records by the Trust relating to money handled by the Trust; and

(b) the auditing of those accounts.

(6)  As to the auditing of accounts, the regulations may, in particular –

(a) require such accounts to be drawn in respect of specified accounting periods, and to be audited by an auditor within a specified time after the end of each such period; and

(b) require the auditor to report to the Board and the Minister whether in the auditor's opinion the requirements of this Act in respect of the handling of money by the Trust have been complied with or have been substantially complied with; and

(c) prescribe the matters to which such a report is to relate, and the circumstances in which a report of substantial compliance may be given.