Division 4- AUDITS, REPORTS ETC.

Audit
100.-(1) Every Government Commercial Company and Commercial Statutory Authority shall be audited at least once in every year.

(2) The audit shall be conducted in accordance with the audit provisions of the Companies Act and any other requirements.

(3) the auditor shall be appointed by the Board and shall be-

(a) such person that the Minister of Finance directs the Board in writing to appoint; or
(b) if the Minister of Finance gives no such direction, then such person that the Board decides.

(4) Subsection (3) applies notwithstanding any other law contrary provision in company’s memorandum or articles.

(5) The Minister of Finance may direct the appointment of the Auditor General to act as auditor under subsection (3) (a), and in such case the provisions of the audit act will also apply.

(6) This section applies also to a subsidiary of a Government Commercial Company or Commercial statutory Authority.

(The OAG had made submissions to the Standing Committee of Economic services of Parliament to review this provision; precisely to be specific in the appointment of the Auditor General to audit Government Commercial Companies and Statutory Authority)