(1) The board or controlling body of a statutory body shall make a report, in the prescribed form, on the financial operations of the statutory body to the responsible Minister and the Minister quarterly and at such other time specified by the Minister or the responsible Minister, in relation to its approved business plan for the financial year.
(2) The responsible Minister shall present a statement of the overall performance of each statutory body based on audited financial statements for the preceding financial year to Parliament together with the estimates for the following financial year.
(3) A statutory body shall prepare and submit annual audited accounts to the Accountant General no later than 3 months from the end of the financial year.
(4) The Director of Audit may hire a private firm of auditors to audit the accounts of a statutory body on terms to be agreed with the firms but the Director of Audit remains responsible for the audit under subsection (1).
(5) The board or controlling body of a statutory body shall cause to be prepared the annual financial statements of a statutory body and shall, no later than 3 months after the end of the financial year, submit such accounts to the Director of Audit, or the audit firm hired by the Director of Audit for auditing.
(6) A statutory body shall make provision for annual audit fees to be charged by the audit firm conducting the audit of its accounts, or the Director of Audit, in the conduct of its responsibilities, in accordance with fees determined by the Minister in consultation with the Director of Audit during the preparation of Estimates.
(7) The Minister may request the Director of Audit to conduct a special review or audit of a statutory body with reasonable notice in writing to the statutory body for a specific or general purpose, and within a timeframe and on terms and conditions agreed with the Director of Audit, including a reasonable fee.