12. Audit and accounts of the Corporation

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The Board of Directors of the Corporation shall cause proper accounts to be kept of all moneys received and expended by the Corporation.

(2)

The financial year of the Corporation shall be the calendar year.

(3)

The accounts of the Corporation shall be examined and audited at least once in every year by a qualified auditor or auditors appointed by the Board of Directors.

(4)

In this section “qualified auditor” means—

(i)

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 practice as an Accountant, issued by the Council of such Institute; or

(ii)

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 practice as an Accountant, issued by the Council of such

Institute.

Read on from s 13