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Section 27
Audit
(1) The audit of the committee will be done by two auditors, one appointed by the Government of Nepal and one elected by the shareholders. The auditors chosen by the shareholders will be elected in the annual general meeting and the remuneration of the auditors will also be determined in the same meeting.
(2) If the auditor chosen by the shareholders is vacant for any reason or unless the general meeting is arranged, only one auditor appointed by the Government of Nepal will conduct the audit.
(3) Auditors shall have the duty to audit the annual accounts and profit and loss account of the committee and the related compensation. The auditor will be given a list of all the accounts in the committee. They can inspect any place of the committee or any office bearer or employee at any convenient time.
(4) The auditors shall submit one copy of their report on the annual accounts and profit and loss account to the Government of Nepal and the other copy to the General Meeting of the Committee after the arrangements have been made. The following things should be clearly mentioned in the report.
(a) The annual accounts and profit and loss accounts have not been prepared properly with all the necessary details clearly showing the true financial status of the committee,
(b) no explanation or information requested by the auditor has been given by the committee and if given, the explanation or information is not satisfactory, and
(c) The submitted annual accounts and profit and loss accounts are not in order.
(5) The auditors may submit such proposals as they deem fit for the proper management of the committee. The proposals submitted in that way will be included in the agenda of the general meeting by the board.
(6) The government of Nepal may direct the auditors at any time to submit a separate report on whether the steps taken by the committee for the proper protection of shareholders and creditors are sufficient and whether the accounting method of the committee is correct.
(7) The Government of Nepal may direct the committee for necessary improvements or arrangements based on the report received under sub-section (4) or (6).