(1) A public officer who discovers any shortage in or loss of public monies shall make a report immediately to an accounting officer or receiver of revenue.
(2) An accounting officer or receiver of revenue to whom a report is made under subregulation (1) shall submit a report immediately to the Director of Finance, Accountant General and Director of Audit.
(3) An accounting officer or receiver of revenue shall not withhold a report from the Director of Finance, the Accountant General and the Director of Audit where theft, fraud or misuse of public funds is known or suspected, notwithstanding restitution may have been made or a report was deferred to enable restitution to be made.
(4) An accounting officer or receiver of revenue shall, if he or she has reasonable grounds for suspecting theft or any other irregularity, report the loss immediately to the police.