Section 24: Accounts, annual financial report and audit

24. Accounts, annual financial report and audit.—(1) The Authority shall maintain proper books of accounts and records on generally acceptable accounting principles, to explain all its transactions and to give true and fair view of its state of affairs. The books of accounts relating to a period of not less than ten ears immediately preceding the current year shall be preserved in good order. (2) The Chief Executive Officer shall, in consultation with the Board, soon as may be practicable after the end of each financial year, cause an annual financial report to be prepared on the accounts and financial activities of the Authority during that financial year which shall include a balance sheet of the annual profits and losses and an account of the annual income and expenditure incurred by the Authority. (3) The accounts of the Authority shall be audited annually by a reputable firm of chartered accountants selected by the Board and, together with the report of the Auditors thereon, be submitted to the Board for approval by the 31st December each year. (4) A copy of the annual financial report shall be sent to the Chairman and shall also be made available to the general public. (5) The audit shall be carried out in accordance with the professional standards of auditing prescribed by the Pakistan Institute of Chartered Accountants, and shall issue a report on the audit.

Effective date: 2002-01-01

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