S.L. 442.3 Art. 10Auditing of the Fund.

(1) The financial statements of the Fund shall be made up to the 31st December of each year and shall be audited by a person in possession of a warrant to practice as a certified auditor and who shall be appointed by the Committee. The auditor so appointed shall at all reasonable times have full and free access to all accounting and other records relating to the financial transactions of the Fund.

(2) The auditor, in taking up the appointment, shall declare in writing that he has no conflict of interest whether directly or indirectly with any of the recognised organisations or any registered co-operative society and, if any conflict of interest is declared, shall not accept the appointment or, if it arises after such appointment, shall withdraw from the appointment.

(3) The auditor shall in particular report on:

(a) whether the financial statements show a true and fair view of the financial transactions and the state of affairs of the Fund;

(b) whether proper accounting and other records have been kept;

(c) whether the receipts, payments, deposits and investments of monies in respect of the Fund have been effected in accordance with the provisions of the Act and of these regulations; and

(d) any other relevant matters arising from the audit.

(4) The auditor shall forthwith inform the Committee of any material irregularity disclosed in the course of his audit.

(5) The remuneration of the auditor shall be fixed by the Committee, as the case may be, and shall be paid for from the Fund.