Section 21: Accounts and audit
consolidated text (as at 2012, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
21. Accounts and audit
(1) The Board shall maintain proper accounts and other relevant records and
prepare an annual statement of accounts, including a balance sheet, in such
form and manner as may be required by the Tertiary Education Commission.
(2) The Tertiary Education Commission may, at any time, demand the
production of books, accounts, and connected vouchers and other documents and papers and inspect the offices of the Open University.
(3) The Board shall, not later than 3 months after the end of every financial year, submit the accounts referred to in subsection (1) to the Director of
Audit.
(4) The accounts referred to in subsection (3) shall be audited annually
by the Director of Audit who shall forward a report thereon to the Board in
accordance with the Financial Reporting Act.
(5) The Board shall prepare an annual report on the activities of the Open
University every year and forward it, together with the report of the Director
of Audit on the accounts, to the Minister not later than one month from the
date of receipt of the report of the Director of Audit on the accounts.
(6) The Minister shall cause a copy of the annual report, together with
the report of the Director of Audit on the accounts referred to in subsection (5), to be laid on the table of the Assembly.