Section 44: Audit and account.⎯ (1) The accounts of the Authority shall be audited by not less than

44.Audit and account.⎯ (1) The accounts of the Authority shall be audited by not less than two auditors holding certificates under section 144 of the Companies Act, 1913 (VII of 1913), who shall be appointed by the 1[Federal Government], in consultation with the 1[Auditor General] of Pakistan (hereinafter referred to as the Auditor­General) on such remuneration, to be paid by the Authority, as the 1[Federal Government] may fix, and the Auditor­General shall have the power to give directions to the auditors in regard to the extent and method of their audit subject to the provisions of the Companies Act, and to prescribe the forms of accounts to be maintained by the Authority consistent with the requirements of this Ordinance. (2) Notwithstanding the provisions of the preceding sub­section, the Auditor General, may either of his own motion or upon a request received in this behalf from the 1[Federal Government], 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 Auditor­General or an officer or officers authorized by him in this behalf may ask for. (3) Every auditor appointed under sub­section (1) shall be given a copy of annual balance­sheet 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 member or officer of the Authority. (4) The auditors shall report to the 1[Federal Government] upon the annual balance­sheet and accounts and in their report they shall state whether in their opinion the balance­sheet is a full and fair balance­sheet containing all necessary particulars and properly 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. (5) 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 Authority for the protection of the interests of the 1[Federal Government] and of the creditors of the Authority or upon the sufficiency of their procedure in auditing the affairs 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 auditor if in its opinion the public interest so requires. (6) The Authority shall comply with every direction issued by the 1[Federal Government] for the rectification of matters objected to in audit.

Effective date: 1960-01-01

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