11. Accounts and Audit
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The Board shall cause proper books of accounts to be kept of the income and expenditure, assets and liabilities, and all other tansactions of the Fund.
The Board shall cause its books to be balanced as on the thirty-first day of December of the same year, and shall prepare the following financial statements and submit them to the Board, for its approval, on or before the thirty-first day of March in the following year :-—
an income and expenditure account, containing details of all income and expenditure of the Fund in that year;
the balance sheet, containing the summary of all
"assets and liabilities of the Fund, held by the Fund as at thirty-first day of December;
(c} a statement of cash flow showing all monies paid into the Fund and all monies paid out of the Fund in that year.
The chief accounting officer of the Fund shall submit, under his signature, the income and expenditure account, the balance sheet, and the statement of cash flow prepared in accordance with subsection (2) to the Board, for its approval.
The Board shall, by a resolution of the Board, approve the income and expenditure account, balance sheet and the statement of cash flow submitted to it by the chief accounting officer, under subsection (3).
The Board shall cause the report of the chief accounting officer on the administration of affairs of the
Fund which shall contain a detailed report of the steps taken for the furtherance of the objectives of the Act, to be transmitted to the Minister along with the following documents :—
the Auditor
- General’s report for the relevant year:
and
documents specified in subsection (2) of this section.
The Minister shall cause copies of the report and documents transmitted to him under subsection (5) of this section to be laid before Parliament.
The Auditor-General shall audit the accounts of the
Fund every year in accordance with the Article 154 of the
Constitution.
Api Wennwen Api Fund Act, No. 6 of 2008 9.