Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016 (i) any material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during the financial year; (ii) any criminal prosecution or disciplinary steps taken as a consequence of such losses or irregular expenditure or fruitless and wasteful expenditure; (iii) any losses recovered or written off; (iv) any financial assistance received from the State and commitments made by the State on its behalf; and (v) any other matters that may be prescribed; (c) include the financial statements of any subsidiaries of the public entity. (3) An accounting authority shall submit the report and statements referred to in subsection (1)(d), to the appropriate Minister for him or her to table in the National Assembly. (4) The Treasury may direct that, instead of a separate report, the audited financial statements of a specified public entity be incorporated in those of a Ministry designated by the Treasury. 50 Corporate governance Every public entity shall adhere to and implement the principles of sound corporate governance policies, procedures and practices. 51 Reconstruction of designated corporate bodies in certain circumstances (1) If in relation to the accounts of any designated corporate body the Auditor-General certifies in writing to the Minister responsible for that body that the designated corporate body in question has— (a) failed to keep proper financial records with the result that the Auditor-General can form no opinion as to the true state of affairs of the designated corporate body for the relevant financial year; or (b) engaged in fruitless and wasteful expenditure for the relevant financial year with the result that it has incurred a deficit requiring the expenditure of public money which, in the opinion of the Auditor-General, is excessive; the Minister responsible for that designated corporate body may, after affording the responsible authority of the body in question a reasonable opportunity to make representations in the matter, request the Minister responsible for the Reconstruction of State-Indebted Insolvent Companies Act [Chapter 24:27] (No. 27 of 2004) to appoint an administrator for that designated corporate body in terms of this section. (2) If in the financial year following that in which the Auditor-General made a certificate in relation to a designated corporate body in terms of subsection (1) no administrator was appointed for that designated corporate body and, in relation to the accounts of that body the Auditor-General again certifies in writing, this time to the Minister, that the designated corporate body in question has— (a) failed to keep proper financial records with the result that the Auditor-General can form no opinion as to the true state of affairs of the designated corporate body for the relevant financial year; or - 33 -