| 12. The Board shall, cause proper account? to be kept accounts. the income and expenditure, assets and liabilities, and all other transactions of the Fund.
|(2) The Auditor-General shall audit the accounts of the Fund every year. For the purpose of assisting him in the audit of such accounts, the Auditor-General may employ the services of any qualified auditor who shall act under his direction and control.|
|(3) For the purpose of meeting the expenses incurred by him in the audit of the accounts of the Fund, the Auditor- General shall be paid out of the income of the Fund, such remuneration as the Board may determine. Any remuneration received from the Fund by the Auditor-General shall after deduction therefrom of any sums paid by him to any qualified auditor or auditors employed by him for the purpose of such audit, be credited to the Consolidated Fund. |
|(4) The Auditor-General shall, as soon as practicable- sites: the thirty first day of December of each year, prepare a report on the administration of the affairs of the Fund during that year together with a statement of the income and expenditure of the Fund, and of the investment of the moneys belonging to the Fund, during that year. |
|(5) In this section the expression, " qualified auditor" means"
|(a) 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|
|(b) a firm of Charted 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.|