Lotteries Act, 1997 (Act No. 57 of 1997)Part I : The National LotteryChapter 1 : National Lotteries Board12. Audit and annual report |
| (1) | The board shall— |
| (a) | keep proper books and records in relation to receipts and payments; |
| (b) | prepare a report of all the activities of the board, including financial statements, in respect of each financial year and the board’s regulatory functions in respect of all lotteries and all matters in respect of which the board rendered advice or made recommendations to the Minister in accordance with paragraphs (e), (f) and (g) of section 10; and |
| (c) | annually within three months after the end of each financial year, submit the report and financial statements referred to in paragraph (b) to Parliament, and if Parliament is not then in session, on the first day of the next session. |
| (2) | In subsection (1) "financial year" means— |
| (a) | the period from the date on which the board is appointed for the first time to the last day of March in the following year; and |
| (b) | each period of 12 months thereafter ending on the last day of March. |
| (3) | The financial statements shall comply with generally accepted accounting principles and any other directions that may be given by the Minister or the Minister of Finance, or may be provided for in statutory measures applicable to the board, as to the information to be contained in such statements, the manner in which such information is to be presented or the methods and principles according to which such statements are to be prepared. |
| (4) | The financial statements of the board shall be audited by the Auditor-General. |
| (5) | The report referred to in subsection (1) shall be laid upon the Table in Parliament forthwith after it is submitted to the Minister, if Parliament is then in session, or, if Parliament is not then in session, on the first day of the commencement of the next ensuing session of Parliament. |
| (6) | The report referred to in subsection (1) shall include the recommendations of the board with regard to— |
| (a) | the percentages prescribed in terms of section 26(3); and |
| (b) | any amendments to this Act or regulations issued under this Act in order to improve the execution of the functions of the board. |