Section 12: Finance

12. Finance (1) The Commission shall, not less than 3 months before the commencement of every financial year, submit to the Minister an estimate of its expenditure. (2) The accounts of the Commission shall be audited by the Director of Audit and any expenditure incurred in connection with that audit shall be payable by the Commission to the Director of Audit. (2A) The accounts of the Commission shall be prepared in accordance with the accrual International Public Sector Accounting Standards (IPSAS) issued by the International Federation of Accountants (IFAC). (3) The accounts of the Commission, as certified by the Director of Audit, together with the audit report thereon shall be forwarded annually to the Minister by the Commission and the Minister shall cause the audit report to be laid, as soon as may be after it is received, on the table of the Assembly. [S. 12 amended by s. 58 of Act 11 of 2018 w.e.f. 1 July 2018.]