Section 28: Auditors

28. Auditors.__ (1) The accounts of the Corporation shall be audited by not less than two chartered accountants within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961), appointed from amongst those approved in this behalf by the 1[Federal Government] by the shareholders at the general meeting on such remuneration to be paid by the Corporation as the shareholders may fix. (2) Every auditor appointed under sub­section (1) shall be given a copy of the annual balance­ sheet of the Corporation 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 Corporation and shall at all reasonable times have access to the books, accounts and other documents of the Corporation, and may in relation to such accounts examine any Director or officer of the Corporation. (3) The auditors shall report to the shareholders upon the annual balance sheet and accounts, and in their report they shall state whether in their opinion the balance­sheet contained all necessary particulars and is properly drawn up so as to exhibit a true and correct view of the state of affairs of the Corporation, and in case they have called for any explanation or information from the Board, whether it has been given and whether it is satisfactory. (4) The 1[Federal Government] may, at any time, issue directions to the auditors requiring them to report to it upon the adequacy of measures taken by the Corporation for protection of its shareholders and creditors or upon the sufficiency of their procedure in auditing the affairs of the Corporation 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. (5) The Corporation shall furnish to each shareholder at least fifteen days before the date of the general meeting a copy of the audited balance sheet together with a copy of the profit and loss account for the year and a report on the working of the Corporation during the year.

Effective date: 1966-01-01

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