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Chapter-4 Accounts and Examination thereof

Chapter-4 Accounts and Examination thereof
21 101 Annual accounts: The Fund shall submit to the Government of Nepal the  balance sheet and annual profit and loss account signed by the chairperson, any director or administrator and chief office and certified by the Auditor
General within Nine months after the completion of each year, in such format and manner as specified by the Auditor General.
22. 102 Annual Report: The Fund shall submit to the Government of Nepal an annual report on the activities carried out by the Fund throughout the year, within Nine months after the completion of each year.
23. 103 Accounts and Audit of the Fund: (1) The accounts of the Fund shall be maintained in such form as specified by the Auditor General of Nepal, on the advice of the Fund.
(2) The accounts of the Fund shall be audited by the Auditor General of Nepal.
(3) On the completion of audit, one copy of a report setting out the following matter shall be submitted to the Fund and one copy thereof to the Government of Nepal:

(A) Whether the matters to be mentioned in the profit and loss account prepared by the Fund have been mentioned or not and whether the account reflects the actual financial condition of the Fund or not;
(B) Whether accounts are in order in accordance with this Act or not, and whether responses to queries made are satisfactory or not.
(4) It shall be the duty of each director and employee of the Fund to render assistance to allow such accounts for inspection as intended to be inspected by the Auditor General in the course of audit and give responses to all
questions asked.
23A 104 .Audit Committee: (1) There shall be an Audit Committee in the Fund in order to maintain financial discipline and internal control system.

(2) Formation of Audit Committee as per the Sub-Section (1) and its’ function, duty and power shall be as prescribed

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