Accounts, financial statements and audit
Open ↗24.—(1) The Board must cause to be kept proper accounts and records of all transactions and affairs relating to the Fund and must ensure that payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Fund.
(2) The Minister must, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements in respect of that year to the auditor referred to in subsection (3).
(3) The accounts and annual financial statements of the Fund must be audited by the Auditor‑General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor‑General.
(4) A person is not qualified for appointment as an auditor under subsection (3) unless the person is a public accountant within the meaning of the Companies Act 1967.[5/2004]
(5) The remuneration of the auditor must be paid out of the Fund.
(6) As soon as the financial statements have been audited, the auditor must send to the Minister a copy of the audited financial statements together with a copy of any report made by the auditor.
(7) Where the Auditor-General is not the auditor of the Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General when they are submitted to the Minister.
(8) The Minister must as soon as practicable cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.
(9) The financial year of the Fund begins on 1 April of each year and ends on 31 March of the succeeding year.
Periodic examination of Fund
Open ↗25.—(1) For successive periods of such duration, not exceeding 5 years, as the Minister may determine in each case, an examination of the Fund must be made by a person appointed by the Minister with a view to determining the state of the Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.
(2) Despite subsection (1), where an amendment is made to the INVEST Plan, and the amendment affects the cost of benefits payable under the INVEST Plan or creates an initial unfunded liability, the Minister may, for the purposes of section 12(1)(a), appoint a person to make an examination and report on the state of the Fund.
(3) Despite subsection (1), where an amendment is made to the Scheme, and the amendment affects the cost of benefits payable under the Scheme or creates an initial unfunded liability, the Minister charged with the responsibility for the Scheme may, for the purposes of section 12(1)(a), appoint a person to make an examination and report on the state of the Fund.[29/2002]
(4) The person appointed under subsection (1), (2) or (3) must, at the end of the person’s examination, report to the Minister for Finance and the Minister referred to in subsection (2) or (3) (as the case may be) the state of the Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.[29/2002]
(5) The Minister referred to in subsection (2) or (3) (as the case may be) must cause a copy of every such report to be presented to Parliament forthwith after receipt of the report.[29/2002]
Regulations for administration of Fund
Open ↗26. The Minister may make regulations for the proper control and management of the Fund and, in particular, regulations —(a)
providing for the remuneration of the trustees;
(b)
prescribing the procedure to be followed by the Board in the exercise of its functions; and
(c)
relating to the accounting, reporting, auditing and periodic examination of the Fund.
