17. Accounts
(1) The Corporation shall keep books of accounts of all its income and
expenditure and proper records in relation to the accounts.
(2) Subject to such directions as the Minister may give, the Corporation shall
prepare, in respect of each financial year, a statement of accounts which shall
include—
(a) a balance sheet, a statement of income and statements of surplus or deficit,
and
(b) such other information in respect of the financial affairs of the Corporation
as the Minister may require.
18. Procurement
All procurement processes in the Corporation shall be in accordance with the
provisions of the Public Procurement and Disposal of Public Assets Act.
19. Audit
(1) The accounts of the Corporation shall, in respect of each financial year, be
subject to audit by the Auditor General or an auditor appointed by him or her.
(2) The Board shall ensure that within three months from the end of each
financial year, a statement of accounts of the Corporation is prepared and submitted
to the Auditor General for auditing.
(3) The Auditor General shall audit and deliver to the Board a copy of the
audited accounts together with his or her report on those accounts not later than
three months from the date of his or her receipt of the statement of accounts from the
Board.
(4) The Board shall within one month from the receipt of the audited accounts
and the Auditor General’s report thereon, deliver copies thereof to the Minister who
shall present the same to Parliament.
20. Investment of surplus funds
Funds of the Corporation as are not immediately required for use by the Corporation
shall be invested in such manner as the Board may, with prior approval of the
Minister, determine.
21. Corporation to operate on sound financial principles
In the performance of its functions under this Act, the Corporation shall have due
regard to sound financial principles and shall conduct its business in such manner
that taking one transaction with another, and taking one year with another—
(a) its revenue is sufficient for meeting all charges including interest on capital
and loans properly chargeable to revenue accounts;