s.40Accounts and audit
40
Section 40Part 6 — Financial and accountability provisions

Accounts and audit

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The accounts of the Office shall be prepared and maintained in accordance with International Public Sector Accounting Standards.
The accounts shall, to the fullest extent possible, allocate the Office's revenues, costs and expenses, whether in respect of personnel or otherwise, to each of the regulated sectors.
In allocating costs and expenses under subsection (2), the Office shall use its best endeavours to —
allocate directly incurred costs and expenses —
to the regulated sector to which they relate; or
where relating to a number of regulated sectors, to each of the regulated sectors to which they relate in proportion to the burden from each of the regulated sectors; and
allocate indirectly incurred costs and expenses on a reasonable and transparent basis.
The accounts of all transactions of the Office shall be audited annually by the Auditor General who shall have such powers in relation to the Office, its Board, and the property, securities and accounts of the Office as the Auditor General has in relation to other public money and public officers by virtue of the Public Management and Finance Act (2020 Revision).
On completion of the audit of the Office's accounts under subsection (4), the Auditor General shall prepare a report thereon within three months of the close of the financial year to which the audited accounts relate.

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