Agricultural Research Act, 1990 (Act No. 86 of 1990)22. Accounting, auditing and annual report |
| (1) | The Auditor-General shall audit the books of accounts, accounting statements and annual financial statements of the ARC and shall submit a copy of his report on the audit of the said statements to the Council. |
| (2) | The keeping, compilation and publication of annual financial statements of a company referred to in section (1)(m)(iii) shall be done in accordance with the provisions of the Companies Act, 1973 (Act No. 61 of 1973): Provided that the Auditor-General shall, notwithstanding the provisions of Chapter X of the Companies Act, 1973, audit the annual financial statements of such a company, and shall submit, within six months after the end of the financial year concerned, copies of such annual statements to the Minister. |
| (3) | The Council shall furnish the Minister with such information as he may call for from time to time in connection with the activities and financial position of the ARC and shall as soon as practicable after the end of each financial year submit to the Minister an annual report on the ARC's affairs and functions in respect of that financial year, which shall, inter alia, include— |
| (a) | an audited balance sheet, including notes thereon or a document annexed thereto providing information required by this Act; |
| (b) | an audited income statement, including any similar financial statement where such form is appropriate, and including any notes thereon or a document annexed thereto providing information required by this Act; |
| (c) | a statement of cash flow information; |
| (d) | the report of the auditors. |
| (4) | The financial statements referred to in subsection (3)(a), (b) and (c) shall— |
| (a) | be in conformity with generally accepted accounting practice; |
| (b) | fairly reflect the state of affairs and functions of the ARC and the results thereof; and |
| (c) | refer to any relevant matter not specifically prescribed by this Act which affects or is likely to affect the affairs of the ARC, both by way of figures and by a descriptive report, amplifying and explaining, where necessary, figures in the financial statements. |
| (5) | A report referred to in subsection (3) shall be printed in both official languages. |
| (6) | As soon as practicable after a report has been submitted to the Minister in terms of subsection (3), he shall table it in Parliament. |