(2) The Board must submit to the Minister for approval in each financial year, at the time determined by the Minister, a statement of the estimated income and expenditure of the Board relating to the next financial year. (3) Expenditure incurred for the activities of the Board is defrayed from the funds of the Board. (4) Any money of the Board that is not immediately required for expenditure by the Board may be invested in a manner and in an institution determined by the Board with the approval of the Minister and the Minister responsible for finance. Accountability, financial year, audit and annual report 22. (1) The Chief Executive Officer is the accounting officer of the Board and is responsible for - (a) all income and expenditure of the Board; and (b) all assets and the discharging of all liabilities of the Board. (2) The financial year of the Board ends on 31 March each year. (3) The Board must cause such records of account to be kept in accordance with generally accepted accounting practices, principles and procedures as are necessary to represent fairly the state of affairs of funds of the Board and to explain the transactions and financial position of the Board. (4) Not later than three months after the end of each financial year, the Chief Executive Officer must prepare and submit to the Board for approval, financial statements, comprising - (a) a statement reflecting, with suitable and sufficient particulars, the income and expenditure of the Board during that financial year; and (b) a balance sheet showing the state of the assets, liabilities and financial position of the Board as at the end of that financial year. (5) The accounting records and the financial statements of the Board are audited annually by the Auditor-General. (6) The Board must submit to the Minister an annual report of the activities of the Board within six months after the end of each financial year, or such longer period as the Minister may determine, which report is accompanied by - (a) the audited financial statements of the Board referred to in subsection (5) for that financial year; (b) the report relating to those financial statements; and auditor’s (c) the financial statements and report referred to in section 43(3). (7) The Minister must table in the National Assembly the annual report and financial statements submitted to the Minister in terms of subsection (6) within 30 days from the date of
(2) The Board must submit to the Minister for approval in each financial year, at the time determined by the Minister, a statement of the estimated income and expenditure of the Board relating to the next financial year. (3) Expenditure incurred for the activities of the Board is defrayed from the funds of the Board. (4) Any money of the Board that is not immediately required for expenditure by the Board may be invested in a manner and in an institution determined by the Board with the approval of the Minister and the Minister responsible for finance. Accountability, financial year, audit and annual report 22. (1) The Chief Executive Officer is the accounting officer of the Board and is responsible for - (a) all income and expenditure of the Board; and (b) all assets and the discharging of all liabilities of the Board. (2) The financial year of the Board ends on 31 March each year. (3) The Board must cause such records of account to be kept in accordance with generally accepted accounting practices, principles and procedures as are necessary to represent fairly the state of affairs of funds of the Board and to explain the transactions and financial position of the Board. (4) Not later than three months after the end of each financial year, the Chief Executive Officer must prepare and submit to the Board for approval, financial statements, comprising - (a) a statement reflecting, with suitable and sufficient particulars, the income and expenditure of the Board during that financial year; and (b) a balance sheet showing the state of the assets, liabilities and financial position of the Board as at the end of that financial year. (5) The accounting records and the financial statements of the Board are audited annually by the Auditor-General. (6) The Board must submit to the Minister an annual report of the activities of the Board within six months after the end of each financial year, or such longer period as the Minister may determine, which report is accompanied by - (a) the audited financial statements of the Board referred to in subsection (5) for that financial year; (b) the auditor’s report relating to those financial statements; and (c) the financial statements and report referred to in section 43(3). (7) The Minister must table in the National Assembly the annual report and financial statements submitted to the Minister in terms of subsection (6) within 30 days from the date of