REGULATORY AUTHORITY OF IRRIGATION, DRAINAGE AND FLOOD PROTECTION
2) In preparing its accounts, the Regulatory Authority shall follow International Accounting Standards and other standards as are notified for this purpose in the official Gazette by the Securities and Exchange Commission of Pakistan and shall state the accounting policies adopted.
3) Not later than three months after the end of each financial year, the Regulatory
Authority shall cause annual accounts to be prepared.
4) These accounts shall consist of an income and expenditure account for the year, a balance sheet as at year end, a statement of sources and applications of funds (a cash flow) for the year, and a report by the Regulatory Authority on the state of its affairs, on the basis of the Business Plan for that year shall be submitted to Government.
5) The balance sheet shall give a true and fair view of the state of affairs of the Regulatory Authority as at the end of its financial year and the income and expenditure account shall give a true and fair view of the surplus or deficit of income over expenditure of the Regulatory Authority for the financial year.
6) The balance sheet and the income and expenditure account shall be approved by the members of the Regulatory Authority, and shall be signed by the Chairman and at least one other member, or, in the absence of the Chairman, by two members.
7) The annual accounts shall be audited by independent auditors within six months of the close of the financial year and the auditors' report shall be attached to the accounts.
8) Within thirty days of the receipt of the auditors' report, the Regulatory Authority shall send a copy of the annual accounts, together with the audit report, to Government and shall file a copy with the Governor. In addition the Regulatory Authority shall provide detailed information and explanations in regard to any observation, reservation, qualification or adverse remarks contained in the auditor's report.
9) The Regulatory Authority shall announce publicly the availability of its annual account and report with the audited statements through advertisements in regional and local newspapers, as well as via internet. The annual account and report are available to the public on request against duplication costs and can be seen in the office of the Regulatory Authority during office hours.
92. Auditors: qualification, appointment, remuneration and removal
1) Subject to section 254 of the Companies Ordinance 1984, a person shall not be qualified to be appointed as auditor of the Regulatory Authority unless he is a Chartered Accountant within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961).
2) The Regulatory Authority shall appoint auditors at its first meeting after the establishment of the Regulatory Authority, for a period not exceeding three financial years, under intimation of the Governor.
3) The remuneration of the auditors shall be fixed by the Members of the Regulatory Authority.
93. Annual Report –
1) The Regulatory Authority shall submit to Government as soon as possible after the end of every financial year, but before the expiry of a period of seven months of such financial year, a report on the conduct of the affairs of the various bodies under this ordinance for that year including audited financial statement for the year in question.
2) The Regulatory Authority shall publish a summary of its annual report in newspapers of repute and standing in the Province published in English, Urdu and Sindhi each.
3) The Regulatory Authority shall furnish a summary of its annual report to the SIDA, to
all AWBs and FOs.
94. Applicability of other sections to the Regulatory Authority –
The provisions of sections 8, 9, 16, 17, 19 and 24 shall, mutatis mutandis, apply to the Regulatory Authority
