16

ACT VII OF 1994 ACT VII OF 1994 BALOCHISTAN EDUCATION FOUNDATION ACT, 1994 CHAPTER V FINANCE 16. Audit and Accounts: ‑‑(1) The Foundation shall maintain proper accounts and other relevant records and prepare annual statement of accounts, including balance‑sheet in accordance with such general directions As may be issued, and in such form as may be specified, by Government. (2) The accounts of the Foundation shall be audited by two auditors who shall be chartered accountants within the meaning of Chartered Accountants Ordinance, 1961 (X of 1961), appointed by the Foundation with the approval of, the Government, on such remuneration, to be paid by the Foundation as the Government may fix. (3) Notwithstanding the provision of subsection (2) the Accountant General, Balochistan, may, either of his own motion, or upon request received in this behalf from the Government undertake such audit of the accounts books and concerned documents at such place or places as the Accountant- General, Balochistan may fix, and furnish such explanations and information as the Accountant‑General, Balochistan or an officer authorized by him in this behalf may ask for. (4) Every auditor appointed under subsection (2) shall be given a copy of the annual balance‑sheet of the Foundation and shall examine it together with the accounts and vouchers relating thereto and shall have a list delivered to him of all books kept by the Foundation; and shall at all reasonable times have access to the books of accounts and other documents of the Foundation and may in relation to such accounts examine any officer of the Foundation. (5) The auditors shall report to the Government upon the annual balance‑sheet and accounts and in their report state whether in their opinion the balance‑sheet is a full and fair balance‑sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the state of the Foundation's affairs and, in case they have called for any explanation or information from the Board, whether it has been given and whether it is satisfactory. (6) The Government may at any time issue directions to the auditors requiring them to report to it upon the adequacy of measures taken by the Foundation for the protection of the interests of the Government and of the creditors of the Foundation or upon the sufficiency of their procedure in auditing the accounts of the Foundation and may at any time enlarge or extend the scope of the. audit or direct that a different procedure in audit be adopted or that any other examination be made by the auditors if in its opinion the public interest so requires. (7) The Foundation shall comply with every direction issued by the Government for the rectification of matters objected to in audit.