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srilawsby aturio
As enacted
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Part VII · Responsibilities of a Chief Accounting Officer and Accounting Officer

41. Audit and Management Committees

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

There shall be an Audit and Management

Committee for every auditee entity specified under subsection (2), referred to by that name or by any other name, appointed by the respective Chief Accounting Officer or accounting officer or the respective governing body, as the case may be, to assist him by undertaking continuous review of operations of each auditee entity and, to periodically report to the said Chief Accounting Officer, accounting officer or the respective governing body. The said Committee shall in particular-

(a)

review all audit and management aspects of the auditee entity to ensure that its resources, are used economically and efficiently for the purpose of achieving the predetermined objectives of such entity as a whole, or in respect of any specific project or programme undertaken giving priority to the resources available in Sri Lanka; and

(b)

ascertain whether such objectives have actually been achieved within the authorized time limits, for the disbursement of funds allocated for such activity, and whether any completed project or programme is in actual operation as envisaged in the plans.

(2)

For the purposes of this section an auditee entity referred to in subsection (1) shall be:–

(a)

a Ministry;

(b)

a Provincial Council;

(c)

a public corporation;

(d)

a Commission constituted under the Constitution or a Special Presidential Commission of Inquiry;

(e)

the Presidential Secretariat;

(f)

the Office of the Secretary General of Parliament;

(g)

a company registered or deemed to be registered under the Companies Act, No. 7 of 2007 in which the

Government or a public corporation or a local authority holds fifty per centum or more of the shares of that company;

(h)

any business or other undertaking vested in the

Government under any written Law; and

(i)

any body corporate or incorporate established by law or otherwise.

Part VIII

Offences and Penalties

Read on from Part VIII

Part IX

General

Read on from Part IX

Schedules