Section 16: Accounts and audit

(1) The Commission shall cause proper accounts to be kept and, as soon as, practicable after the end of each financial year, shall cause to be prepared for that financial year a statement of accounts which shall include a balance sheet and an account of income and expenditure. (2) Within sixty days after the end of each financial year, the Commission's annual financial statements shall be audited by the Auditor-General of Pakistan or by a firm of chartered accountants nominated by the Auditor-General of Pakistan. (3) The auditors shall make a report to the Commission upon the balance sheet and accounts and in 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.

Effective date: 2023-08-11

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