12. Content of the Auditor-General’s Report pertaining to corporations and companies

The Auditor-General shall, within three months of the receipt of the approved annual financial statement and other relevant documents and information of a public corporation or a company in which the Government or a public corporation holds fifty per centum or more of the shares, present a report to the Chairman of the governing body of such public corporation or company for publication in its annual report, and such report shall state—

whether the relevant information and explanations have been obtained reasonably, which in the opinion of the Auditor-General were necessary for the purpose of the audit;

whether the financial statements have been prepared in accordance with the Sri Lanka Accounting

whether the consolidated financial statements have been prepared in accordance with the Sri Lanka

whether any member of the governing body of such entity has any direct or indirect interest in any contract entered into by such entity, and if so, the nature of such member’s interest and the Auditor-General’s own views and comments thereon;

the reasons for expressing a qualified, disclaimer, adverse or similar audit opinion on the annual financial statements examined by the Auditor-General;

whether the auditee entity has or has not complied with any applicable written law or other general or special directions issued by the governing body of the auditee entity;

whether the auditee entity has performed according to its powers, functions and duties;

whether the resources of the auditee entity had been procured and utilized economically, efficiently and effectively within the time frames and in compliance with the applicable laws; and

any other matter the Auditor-General considers necessary to achieve the purposes of the Act.