23

BANK OF KHYBER ACT, 1991 BANK OF KHYBER ACT, 1991 [ACT No. XIV of 1991] [Gazette of N.‑W.F.P. Extraordinary, 20th, June, 1991] An Act to establish the Bank of Khyber in the North‑West Frontier Province 23. Other Auditors. (1) To ensure strict internal controls, the Bank shall appropriately structure its internal Audit Department which will be directly reporting to the Board of Directors. Further, the Bank will also be subject to audit/inspection by the Inspection Teams of the State Bank of Pakistan. Government may also depute independent public auditors whenever it deems fit. (2) The auditors shall at all reasonable times have access to the books, accounts and other documents of the Bank if appointed by it, and at the expense of the Government if appointed by it. The auditor may employ accounts or other persons to assist him in investigating such accounts, and may, in relation to such accounts, examine any Director, or any officer of the Bank. (3) The auditors shall make a report to the shareholders and government upon the annual balance sheet, the statement pf profit and loss accounts, and in every such report they shall state whether, in their opinion the balance sheet and the statement of profit and loss accounts are full and fair statements containing the prescribed. particulars and properly drawn up so as to exhibit a true and correct view of the state of the Bank's affairs and in case they have called for any explanation or information from the Bank, whether it has been given and whether it is satisfactory. Any such report made to the shareholders, shall be read together with the report of the Board at the General Meeting.