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Auditing the Authority’s accounts

Article (19)‎
Auditing the Authority’s accounts

A-‎ The Board of Directors shall, at the beginning of each fiscal year, ‎appoint an external auditor or auditors with reputed international ‎standing to audit the Authority’s accounts and shall set the ‎auditor’s annual fees. Such external auditor shall not audit the ‎Authority’s accounts for more than three years during the five ‎years preceding his appointment.‎

B- The Authority shall not assign any functions, to the external auditor, ‎other than account auditing, all through his term as auditor.‎

C- The external auditor shall, within a maximum period of three ‎months after the end of the fiscal year, audit the Authority’s accounts ‎and prepare a report in accordance with the internationally recognized ‎accounting standards. Such a report shall include all data and ‎information showing the true financial position of the Authority, ‎including:‎

  1.  A statement demonstrating, that the Authority has laid at the ‎disposal of the external auditor all the documents, records, books, data ‎and information he Considers necessary to fulfill his task.‎
  2. A statement demonstrating that the authority’s budget and final ‎accounts reflects actual situation and whether they have been prepared ‎in accordance with internationally recognized  accounting standards.‎
  3. A statement with regards to whether the Authority keeps regular ‎accounts in accordance with applicable norms.‎
  4. A statement with regards to whether the inventory of the Authority’s ‎assets has been conducted in accordance with applicable norms.‎
  5. A statement with regards to whether the data contained in the Chief ‎Executive’s reports concur with the data contained in the Authority’s ‎books and records.‎
  6. A statement with regards to any infringements revealed to the ‎auditor in the course of conducting his duties, and whether such ‎infringements remain extant.‎

D- The external auditor shall submit his report on the auditing of ‎Authority’s accounts to both the Minister and the Audit Committee ‎within three months as from the end of the fiscal year.‎

Last Update: Monday 28 April 2014