Section 25: Annual report and accounts

25. Annual report and accounts.—(1) Within ninety days from the end of each financial year, the Commission shall, in consultation with the Board, cause a report to be prepared on the activities of the Commission (including investigations and enquiries made by the Commission under this Act or the Ordinance 3[or the Law of Insurances] during that financial year and release to the public and simultaneously send a copy of the report to the Federal Government. (2) The Commission shall cause proper accounts to be kept and shall as soon as practicable after the end of each financial year cause to be prepared for that financial year a statement of accounts of the Commission which shall include a balance-sheet and an account of income and expenditure. 3[(3) The Commission shall cause the statement of accounts to be audited by auditors, appointed by Commission with the approval of the Federal Government, who shall be a firm of chartered accountants. Any casual vacancy in the office of auditor appointed under this section may be filled in by Commission.] (4) The auditors shall make a report to the Federal Government, upon the annual balance sheet and accounts, and in any such report they shall state whether in their opinion the balance sheet is a full and fair balance sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the affairs of the Commission and, in case they have called for any explanation or information from the Commission, whether it has been given and whether it is satisfactory. (5) The Federal Government may if it deems fit also required the accounts of the Commission for any financial year to be audited by the Auditor General of Pakistan. 1Ins. by Act No. XXXVI of 2016, s. 11. 2Ins. by Finance Act 2012 (Act No. XVII of 2012), s. 13. 3Subs. and ins. by Ord. LV of 2000, ss. 9-10 (6) The Board shall, within one hundred and twenty days of the end of each financial year, together with the annual report of the Commission under sub­section (2), send a copy of the statement of accounts of the Commission certified by the auditors and a copy of the auditors' report to the Federal Government which shall cause them to be published in the official Gazette and laid before both Houses of the Majlis-e-Shoora (Parliament) within two months of their receipt.

Effective date: 1997-01-01

Related sections