Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Administrative expenses
33.—(1) All expenses incurred in connection with the administration of the Medifund and the ElderCare Fund, including the costs of auditing the accounts of the Medifund and the ElderCare Fund, must be defrayed out of the income of the Medifund and the ElderCare Fund, respectively. (2) The costs of auditing the accounts of any Medifund Account must be defrayed out of the income of the Medifund.
Financial year of Medifund and ElderCare Fund
34.—(1) The financial year of the Medifund begins on 1 April of each year and ends on 31 March of the succeeding year. (2) The financial year of the ElderCare Fund begins on 1 April of each year and ends on 31 March of the succeeding year.
Accounts
35.—(1) The Minister must cause to be kept proper accounts and records of all transactions and affairs relating to the Medifund and the ElderCare Fund and must do all things necessary to ensure that all payments out of the Medifund and the ElderCare Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Medifund and the ElderCare 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 of the Medifund and the ElderCare Fund.
Mode of payment out of Funds
36. A payment must not be made out of the Medifund or the ElderCare Fund unless the payment is authorised by the Minister.
Appointment, powers and duties of auditor
37.—(1) The accounts of the Medifund, the ElderCare Fund and every Medifund Account must be audited by —(a) the Auditor-General; or (b) such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General. (2) A person is not qualified for appointment as an auditor under subsection (1)(b) unless the person is a public accountant within the meaning of the Companies Act 1967. (3) The auditor 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 Medifund, the ElderCare Fund and every Medifund Account and may make copies of, or take extracts from, any of those accounting and other records. (4) The auditor must in the auditor’s report state —(a) whether the financial statements show fairly the financial transactions and the state of affairs of the Medifund, the ElderCare Fund or the Medifund Account, as the case may be; (b) whether proper accounting and other records have been kept, including records of all assets of the Medifund, the ElderCare Fund or the Medifund Account, as the case may be; (c) whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets on account of the Medifund, the ElderCare Fund or the Medifund Account (as the case may be) during the financial year were in accordance with the provisions of this Act; and (d) any other matters arising from the audit that the auditor considers necessary. (5) The auditor must —(a) as soon as practicable after the accounts of the Medifund, the ElderCare Fund or Medifund Account (as the case may be) have been submitted for audit, send a report of the audit to the Minister; and (b) submit such periodical and special reports to the Minister as appear to the auditor to be necessary or as the Minister may require. (6) Where the Auditor-General is not the auditor of the Medifund, the ElderCare Fund or any Medifund Account, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General.
Failure to provide information to auditor
38.—(1) The auditor or any person authorised by the auditor may require any other person to provide such information in that other person’s possession or to which that other person has access as the auditor considers necessary for the purposes of the auditor’s duties under this Act. (2) Any person who, without reasonable excuse, fails to comply with any requirement of the auditor under subsection (1) or who otherwise hinders, obstructs or delays the auditor in the performance of the duties or the exercise of the powers of the auditor shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
Presentation of annual report, financial statements and auditor’s report to Parliament
39. The Minister must, as soon as practicable, cause an annual report in respect of the administration of the Medifund, the ElderCare Fund and every Medifund Account during the preceding financial year to be prepared and must present a copy of the report and of the audited financial statements and the auditor’s report to Parliament.
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
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