BROADCASTING SERVICES ACT [CHAPTER 12:06] (as at 11th January 2008) Act of Parliament; and (d) such other moneys as may vest in or accrue to the Authority, whether in the course of its operations or otherwise. Financial year of Authority 2. The financial year of the Authority shall be the period of twelve months ending on the 31st December in each year. Surplus funds of Authority to be appropriated to Broadcasting Fund 3. Any surplus of income over expenditure at the end of the Authority’s financial year, less an amount to be retained by the Authority to cover its estimated recurrent expenses for the following six months, shall be appropriated to the Broadcasting Fund established by section twenty-nine. Accounts of Authority 4.(1) The Board shall ensure that proper accounts and other records relating to such accounts are kept in respect of all the Authority’s activities, funds and property, including such particular accounts and records as the Minister may direct. (2) Not later than three months after the end of each financial year of the Authority, the Authority shall prepare and submit to the Minister a statement of accounts in respect of that financial year or such other period as the Minister may direct. Audit of Authority’s accounts 5.(1) Subject to the Audit and Exchequer Act [Chapter 22:03], the Authority shall appoint as auditors one or more persons approved by the Minister who are registered as public auditors in terms of the Public Accountants and Auditors Act [Chapter 27:12]. (2) The accounts kept by the Authority in terms of subparagraph (1) of paragraph 4 shall be examined by the auditors appointed in terms of subparagraph (1). (3) The auditors appointed in terms of subparagraph (1) shall make a report to the Board and the Minister on the statement of accounts prepared in terms of subparagraph (2) of paragraph 4 and such report shall state whether or not in their opinion the statement of accounts gives a true and fair view of the Authority’s affairs. (4) In addition to the report referred to in subparagraph (3), the Minister may require the Board to obtain from its auditors appointed in terms of subparagraph (1) such other reports, statements or explanations in connection with the Authority’s operations, funds and property as the Minister may consider expedient, and the Board shall forthwith comply with any such requirement. Powers of auditors 6.(1) An auditor referred to in paragraph 5 shall be entitled at all reasonable times to require to be produced to him all accounts and other records relating to such accounts which are kept by the Authority or its agents and to require from any member of the Board or employee or agent of the Authority such information and explanations as in the auditor’s opinion are necessary for the purposes of his audit. (2) Any member of the Board or employee or agent of the Authority who fails without just cause to comply with a requirement of an auditor in terms of subparagraph (1) shall be guilty of an offence and liable to a fine not exceeding level four107 or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment. PART II MISCELLANEOUS PROVISIONS RELATING TO AUTHORITY Execution of contracts and instruments by Authority 7. Any agreement, contract or instrument approved by the Board may be entered into or executed on behalf of the Authority by any persons generally or specially authorised by the Board for that purpose. 107 Level 4 substituted for $2 500 by s. 4 of Act 22/2001. - 51 -