Section 17: Auditor General to audit public enterprises

(1) Notwithstanding the Companies Act, the Auditor General shall be responsible for auditing the accounts of public enterprises in classes I and II of the First Schedule and shall have, in relation to them, the same duties and powers as he or she has in respect of Government departments and, in particular, with regard to public funds and Government property. (2) Without prejudice to the general effect of subsection (1), the Auditor General shall cause the accounts of each public enterprise to be audited at least once a year. (3) Every public enterprise shall pay to the Auditor General's office for carrying out its functions under this section, fees at such rates as may be prescribed by the Minister responsible for finance. (4) Without limiting subsections (1) to (3), the Auditor General may appoint a person or a firm that is qualified for appointment as an auditor to be a joint auditor of the public enterprise or any of its subsidiaries. (5) Every public enterprise shall cause to be published annually in a national newspaper its audited financial statements consisting of a balance sheet and profit and loss account within ninety days after the end of its financial year.