(1) The Accountant General shall, within 3 months after the end of a financial year, prepare and submit to the Director of Audit a copy of the Public Accounts for that financial year that gives an account for public monies and shows the financial position and performance of the Government as of the close of the financial year.
(2) In the event that the Accountant General is unable to provide the Public Accounts under subsection (1), the Minister may, by giving a direction to the Accountant General, extend the specified period under subsection (1) for a further period not exceeding 6 months after the end of the financial year.
(3) A direction under subsection (2) shall be laid before Parliament within 30 days of it being given and if there is no sitting of Parliament, at the next sitting of Parliament.
(4) The Public Accounts to be transmitted by the Accountant General under subsection (1) must show the financial position of the Consolidated Fund, Contingencies Fund, Sinking Fund, a special fund and trust fund and accounts of a Government Agency, on the last day of each financial year and must include reporting against the budget.
(5) Notwithstanding subsection (4), the Public Accounts must include —
(a) a comparative statement of actual and approved estimates of revenue and expenditure, including —
(i) actual and estimated revenue by sub-heads,
(ii) actual and estimated expenditure by sub-heads;
(b) a statement of assets and liabilities or financial position;
I a statement of the financial position balances of the Consolidated Fund, the Contingencies Fund, the Sinking Fund, special funds, trust funds and deposit accounts;
(d) a statement of cash flows;
I a statement of outstanding loans made from the Consolidated Fund, by categories and annual aggregate;
(f) a statement of public debt;
(g) a statement of contingent liabilities of the Government, including guarantees given and other contingent liabilities of the Government;
(h) a statement of investments showing the funds on behalf of which the investments are made;
(i) a statement of arrears of revenue, outstanding expenditure, losses of cash and public assets, and of abandoned claims during the financial year, and settlements of claims, setoffs, debt write-offs, and remission of monies owed to Government;
(j) a statement of the financial and fiscal position of statutory bodies;
(k) a statement of changes in net financial assets and equity;
(l) an annual abstract of revenue and expenditure by head; and
(m) other statements as Parliament may require.
(6) The Accountant General may obtain, through the Public Service Commission, the services of persons qualified in the field of accounting to assist with the preparation of the Public Accounts.