Institute of Quantity Surveyors, Sri Lanka (Incorporation) Act 2007 · As enacted
10. Accounts and Audit
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Corporation shall cause proper books of account to be kept of the income and expenditure, assets and liabilities and other transactions of the Corporation.
The accounts of the Corporation shall be examined and audited at least once in every year.
The accounts of the Corporation shall be audited by a qualified auditor.
In this section, “qualified auditor” means—
an individual who being a member of the Institute of Chartered Accountants of Sri Lanka, or of any other Institute established by law, possesses a certificate to practise as an Accountant issued by the Council of such Institute ; or
a firm of Accountants each of the resident partners of which, being a member of the Institute of Chartered
Accountants of Sri Lanka or of any other institute established by law, possesses a certificate to practise as an Accountant issued by the Council of such
Institute.
The Annual Report of the Council shall include the statement of accounts, the balance sheet and the auditors report prepared for a period of twelve months commencing on the first day of April each year and ending on the thirty-first day of March of the following year.