Section 4
of Statutory Bodies (Financial and Accounting Procedure) Ordinance, 1995
Section 4
—
(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 commercial accounting principles and practices and shall cause to be prepared a statement of its accounts in respect of each financial year and shall, within four months after the end of that financial year or such extension thereof as may be granted in writing by the Majlis Mesyuarat Kerajaan Negeri pursuant to section 5, submit the same to the Auditor General or other auditor appointed by the statutory body for audit.
(2)
A copy of the statements of accounts referred to in subsection (1) shall also be sent by the statutory body to the State
Financial Authority.
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(3)
The Auditor General shall cause the statements of accounts to be audited, and may authorize any person appointed by the statutory body, exercising powers vested in it by the State law to which it is incorporated, to undertake, at the expense of that body, the audit of the statements of accounts on the Auditor General’s behalf or under his directions.
(4)
The provisions of the Audit Act 1957 [Act 62] shall apply to the audit of the accounts of every statutory body.
(5)
The State Financial Authority shall from time to time issue guidelines, circulars, directions and instructions as to statutory bodies regarding—
(a)
the manner in which books and accounts shall be kept;
(b)
the form in which statements of accounts shall be submitted for audit;
(c)
the accounting policies and principles to be followed;
and
(d)
the keeping and disposal of accounting records.