Section 57: Audit and Accounts. 1[division concerned] (1) The accounts of the Authority shall be

57. Audit and Accounts. 1[division concerned] (1) The accounts of the Authority shall be maintained by the Authority in such form as may be prescribed by the Auditor­General of Pakistan consistent with the requirements of the Act. (2) The accounts of the Authority shall be audited by not less than tw o auditors who are chartered accountants within the meaning of the Chartered Accountants ordinance 1961 ( X of 1961), appointed by the 1[division concerned] in consultation with the Auditor­General of Pakistan, on such remuneration, to be paid by the Authority, as the 1[division concerned] may fix. (3) Notwithstanding the provisions of sub­section (2), the Auditor-General may, either of his own motion or upon a request received in this behalf from the 1[division concerned], undertake such audit of the accounts of the authority at such time as may be considered necessary, and the Authority shall, at the time of such audit, produce the account books and connected documents at such place or places as the Auditor­General may fix, and furnish such explanations and information as the Auditor- General or an officer authorized by him in this behalf may ask for. 1Subs. by the Port Qasim Authority (Amendment) Act, 2021 (XL of 2021), ss. 15-16. 2Ins. by the Finance Act No. V of 2019, s.7. (4) Every auditor appointed under sub­section (2) shall be given a copy of the annual balance­ sheet of the Authority, and shall examine it together with the accounts and vouchers relating thereto and shall have a list delivered to him of all books kept by the Authority; and shall at all reasonable times have access to the books, accounts and other documents of the Authority, and may in relation to such accounts examine any officer of the Authority. (5) The auditors shall report to the 1[division concerned] upon the annual balance­sheet and accounts and in their report state whether in their opinion the balance­sheet is a full and fair balance­sheet containing all necessary particulars and property drawn up so as to exhibit a true and correct view of the state of the Authority’s affairs, and in case they have called for any explanation or information from the Board, whether it has been given and whether it is satisfactory. (6) The 1[division concerned] may at any time issue directions to the auditors requiring them to report to it upon the adequacy of measures taken by the Authority for the protection of the interests of the 1[division concerned] and of the creditors of the Authority or upon the sufficiency of their procedure in auditing the accounts of the Authority, and may at any time enlarge or extend the scope of the audit or direct that a different procedure in audit be adopted or that any other examination be made by the auditors if in its opinion the public interest so requires. (7) The Authority shall comply with every direction issued by the 1[division concerned] for the rectification of matters objected to in audit. CHAPTER VII PENALTY AND PROCEDURE

Effective date: 1973-01-01

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