| (1) | A society shall submit to the board financial statements in respect of all lotteries conducted on its behalf prepared by an independent auditor registered in terms of the Public Accountants’ and Auditors’ Act, 1991 (Act No. 80 of 1991), together with a report by that auditor on such statements. |
| (2) | The financial statements referred to in subsection (1) shall— |
| (a) | be submitted to the board within three months of the end of the year in which the lotteries to which such statements relate, were held; and |
| (b) | comply with generally accepted accounting principles and any other directions that may be given by 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. |
| (3) | The report of the auditor referred to in subsection (1), shall state whether in the said auditor’s opinion- |
| (a) | the financial statements have been properly prepared in accordance with the principles and any directions contemplated in subsection (2)(b); |
| (b) | proper accounting records have been kept by the society; and |
| (c) | the society’s accounts are in agreement with the financial statements: |
Provided that if the said auditor is unable to obtain all the information and explanations that, to the best of his or her knowledge and belief, are necessary for the purposes of the audit, his or her report shall state accordingly.
(4) For the purposes of this section—
| (a) | a lottery shall be deemed to have been conducted in the year in which the winners of prizes are announced to the public; and |
| (b) | "year" means a period of 12 months starting on 1 January. |
