Malaysia legislation
Section 4
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, not later than the 31st day of July of each year or such extension thereof as may be granted in writing by the State Financial
Authority pursuant to section 5, submit its accounts for the preceding financial year to the
Auditor-General for audit.
(2)
A copy of the statement of accounts referred to in subsection (1) shall also be sent by the statutory body to the State Financial Authority within the same period provided therein.
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(3)
The Auditor-General shall cause the statement of accounts to be audited, and may authorise any person appointed by him to undertake, at the expense of that body, the audit of the statement 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 may from time to time issue directions and instructions 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.
Application for extension of time limit.