§ 44 — Financial statements and audit

44.—(1) The Minister must, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements and accounts of the LTC Support Fund in respect of the financial year to the Auditor‑General, or such other auditor who may be appointed by the Minister in consultation with the Auditor‑General, for audit in accordance with this Act.(2) A person must not be qualified for appointment as an auditor under subsection (1) unless he or she is a public accountant within the meaning of the Companies Act 1967.

(3) The auditor of the LTC Support Fund or any person authorised by the auditor is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the LTC Support Fund and may make copies of, or take extracts from, any such accounting and other records.

(4) The auditor of the LTC Support Fund must in his or her report state —(a)

whether the financial statements show fairly the financial transactions and the state of affairs of that Fund;

(b)

whether proper accounting and other records have been kept, including records of all assets of that Fund;

(c)

whether receipts, expenditure and investment of moneys and the acquisition and disposal of assets on account of that Fund during the financial year were in accordance with the provisions of this Act; and

(d)

such other matters arising from the audit as he or she considers necessary.

(5) As soon as the accounts of the LTC Support Fund and the financial statements have been audited, a copy of the audited financial statements, together with a copy of any report made by the Auditor‑General, must be submitted to the Minister.

(6) Where the Auditor‑General is not the auditor of the LTC Support Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General.

(7) The Minister must as soon as practicable cause a copy of the audited financial statements of the LTC Support Fund and the auditor’s report to be presented to Parliament.

—(1) The Minister must, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements and accounts of the LTC Support Fund in respect of the financial year to the Auditor‑General, or such other auditor who may be appointed by the Minister in consultation with the Auditor‑General, for audit in accordance with this Act.

(2) A person must not be qualified for appointment as an auditor under subsection (1) unless he or she is a public accountant within the meaning of the Companies Act 1967.

(3) The auditor of the LTC Support Fund or any person authorised by the auditor is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the LTC Support Fund and may make copies of, or take extracts from, any such accounting and other records.

(4) The auditor of the LTC Support Fund must in his or her report state —(a)

whether the financial statements show fairly the financial transactions and the state of affairs of that Fund;

(b)

whether proper accounting and other records have been kept, including records of all assets of that Fund;

(c)

whether receipts, expenditure and investment of moneys and the acquisition and disposal of assets on account of that Fund during the financial year were in accordance with the provisions of this Act; and

(d)

such other matters arising from the audit as he or she considers necessary.

(5) As soon as the accounts of the LTC Support Fund and the financial statements have been audited, a copy of the audited financial statements, together with a copy of any report made by the Auditor‑General, must be submitted to the Minister.

(6) Where the Auditor‑General is not the auditor of the LTC Support Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General.

(7) The Minister must as soon as practicable cause a copy of the audited financial statements of the LTC Support Fund and the auditor’s report to be presented to Parliament.