Section 27
Audit
(1) The accounts of the Agency shall be audited by a total of Two auditors consisting of One auditor designated by the Government of Nepal and the other selected by the shareholders. The auditor to be selected by the shareholders shall be selected at the annual general meeting, and the remuneration of the auditor shall also be specified by that meeting.
(2) If the office of the auditor falls vacant for any reason or until the provision of the general meeting is made, only one auditor designated by the Government of Nepal shall perform the audit.
(3) It shall be the duty of the auditors to audit the annual accounts and profit and loss account and related receipts of the Agency. All records of accounts and books of the Agency shall be made available to the auditors. They may inspect and examine any accounts and documents held by the Agency or any of its office-bearer or employee in any place.
(4) The auditors shall submit one copy of the audit report made by them to the Government of Nepal and the other copy to the annual general meeting of the Agency, after the provision of the general meeting is made. The report shall clearly state the following matters:
(a) Whether annual accounts and profit and loss account have been so properly and duly maintained, clearly
indicating all required matters as to reflect the actual financial condition of the Agency or not;
(b) Whether the Agency has provided any such explanation or information as sought by the auditors or
not, and if so provided, whether such explanation or information is satisfactory or not.
(5) The auditors may submit such proposals at they consider appropriate for the proper arrangement of the Agency. The Board shall include the proposals so submitted in the agenda of the general meeting.
(6) The Government of Nepal may, at any time, give direction to the auditors submit to it a report indicating whether the steps being taken by the Agency are not sufficient for the proper protection of the shareholders and creditors and the manner of maintaining accounts of the Agency is proper or not.
(7) The Government of Nepal may, based on the report received pursuant to Sub-section (4) or (6), give direction to the Agency for necessary reform or provision.
(2) If the office of the auditor falls vacant for any reason or until the provision of the general meeting is made, only one auditor designated by the Government of Nepal shall perform the audit.
(3) It shall be the duty of the auditors to audit the annual accounts and profit and loss account and related receipts of the Agency. All records of accounts and books of the Agency shall be made available to the auditors. They may inspect and examine any accounts and documents held by the Agency or any of its office-bearer or employee in any place.
(4) The auditors shall submit one copy of the audit report made by them to the Government of Nepal and the other copy to the annual general meeting of the Agency, after the provision of the general meeting is made. The report shall clearly state the following matters:
(a) Whether annual accounts and profit and loss account have been so properly and duly maintained, clearly
indicating all required matters as to reflect the actual financial condition of the Agency or not;
(b) Whether the Agency has provided any such explanation or information as sought by the auditors or
not, and if so provided, whether such explanation or information is satisfactory or not.
(5) The auditors may submit such proposals at they consider appropriate for the proper arrangement of the Agency. The Board shall include the proposals so submitted in the agenda of the general meeting.
(6) The Government of Nepal may, at any time, give direction to the auditors submit to it a report indicating whether the steps being taken by the Agency are not sufficient for the proper protection of the shareholders and creditors and the manner of maintaining accounts of the Agency is proper or not.
(7) The Government of Nepal may, based on the report received pursuant to Sub-section (4) or (6), give direction to the Agency for necessary reform or provision.