Section 2: Interpretation

2. Interpretation In this Act— “audit” has the same meaning as in the Financial Reporting Act; “auditor” means a person appointed as such under section 5; “Board” means the managing committee of a statutory body; “capital project” means an intervention relating to acquisition or preservation, or to both acquisition and preservation, of non-financial assets for meeting defined objectives and consisting of a set of interrelated activities to be carried out within a specified budget and a time-schedule; “financial statements”, in relation to a financial year— (a) means— (i) a statement of financial position; (ii) a statement of financial performance; (iii) a statement of changes in net assets or equity; (iv) a statement of cash flow; and S39 – 1 [Issue 10] Statutory Bodies (Accounts and Audit) Act (v) in respect of a statutory body specified in Part I of the Second Schedule, a statement of comparison of annual estimates and actual amounts; and (b) includes notes, comprising a summary of significant accounting policies and other explanatory notes; “financial year” has the same meaning as in section 2A of the Finance and Audit Act; “IFAC” has the same meaning as in the Financial Reporting Act; “Minister” means the Minister to whom responsibility for the statutory body concerned is assigned; “qualified auditor” means— (a) an auditor licensed under the Financial Reporting Act; and (b) the Director of Audit; “statutory body” means a body specified in the First Schedule. [S. 2 amended by s. 83 (1) of Act 45 of 2004 w.e.f. 20 January 2005; s. 22 (a) (i) of Act 1 of 2009 w.e.f. 1 July 2009; s. 22 (a) (ii) of Act 1 of 2009 w.e.f. 1 August 2010 in respect of the financial year 2011 and in respect of every subsequent financial year; s. 19 (a) (i) of Act 20 of 2009 w.e.f. 19 December 2009; s. 19 (a) (ii) of Act 20 of 2009 w.e.f. 1 August 2010 in respect of the financial year 2011 and in respect of every subsequent financial year; s. 17 (a) of Act 10 of 2010 w.e.f. 1 January 2011; s. 26 (a) of Act 26 of 2013 w.e.f. 1 January 2014; s. 17 (4) (a) of Act 1 of 2015 w.e.f. 1 January 2016.]