Sri Lanka Consolidated Acts

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Credit Information Bureau of Sri Lanka (Amendment) Act (No. 8 of 1995) - Sect 8

Replacement of section 18 of the principal enactment

8. Section 18 of the principal enactment is hereby repealed and the following section substituted therefor :-
18.
(1) The Board shall appoint annually, a qualified auditor to audit the accounts of the Bureau.
(2) The Board of shall cause the accounts of the Bureau for each year to be audited by the auditor appointed under subsection (V) before the thirtieth day of June of the succeeding year.
(3) The auditor appointed under subsection (1) shall examine the accounts of the Bureau and ascertain the correctness of the balance sheet and furnish a report stating-
(a) whether he has or has not obtained all the information and explanations required by him, and
(b) whether the balance sheet and accounts referred to in the report are properly drawn up so as to exhibit a true and 1 fair view of the Bureau's affairs.
(4) The report of the auditor shall be transmitted to the Board.
(5) In this section "qualified auditor" I means-
(a) an individual who being a member of the Institute of Chartered Accountants of Sri Lanka or 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 accountants each of the resident partners of which, is a member of the Institute of chartered Accountants of Sri Lanka or any other institute established by law, possesses a certificate to practice as an accountant issued by the Council of each Institute.'.

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