Section 21Part 4 — Finances of Bank
Accounts
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The Bank shall
keep proper accounting records in accordance with generally accepted accounting principles; and
prepare a statement of accounts in respect of each financial year.
The statement of accounts shall give a true and fair view of the state of the Bank’s affairs at the end of the financial year and of its income and expenditure in the financial year.
The statement of accounts shall be audited annually by an auditor who shall be a chartered accountant, a certified public accountant, a firm of professional qualified accountants or other professionally qualified accountant appointed by the Board, after consultation with the Authority.
The Bank shall give to the auditor on request
access to all books, documents, and records (including any held by means of computer), and copies of any such items;
all such information as the auditor may request and which is within the Bank’s knowledge and capabilities; and
copies of the statement of accounts for any previous financial year.
The auditor shall complete his audit and send to the Board copies of his report on the statement of accounts and the Board shall submit the auditor’s report annually to the Minister, the Authority and the Financial Secretary within three months of the end of the financial year together with an audited balance sheet and income and expenditure accounts as at the close of the previous financial year.
Every period of twelve months beginning on the 1st January in one year and ending with the 31st December in the next year shall be a financial year of the Bank.