Section 5
of Statutory Bodies (Accounts and Annual Reports) Act 1980
ActIn forceProvision 5 of 11
Section 5
(1)
Every statutory body shall keep or shall cause to be kept proper accounts and other records in respect of its operations in accordance with generally accepted accounting principles and shall cause to be prepared a statement of its accounts in respect of each financial year and shall, within six month after the end of that financial year or such extension thereof as may be granted under section 9, submit the same to the Auditor General for audit.
(2)
The Auditor General shall forthwith cause the statement of accounts to be audited.