Section 59
Balance Sheet, Profit And Loss Account And Audit
(1) A licensed institution shall prepare its balance sheet, profit and loss account, cash flow statement and other financial statements, as well, in such format
and in accordance with such procedure as may be prescribed by the Rastra Bank.
(2) A licensed institution shall, no later than five months after the expiry of a financial year, prepare its balance sheet, profit and loss account, cash flow statement and other financial statements, as well, in such format and in accordance with such procedure as may be prescribed by the Rastra Bank and have them audited. Such financial statements shall be signed by at least two directors, the chief executive and the auditor.
(3) If any licensed institution which has failed to have its accounts audited within the period referred to in Sub-section (2) makes a request, accompanied by a reasonable reason, for an extension of the period for audit, the Rastra Bank may extend a period of not more than three months.
(4) The Rastra Bank may appoint an auditor to audit the accounts of a licensed institution which fails to have its accounts audited even within the period referred to in Sub-section (3).
(5) The auditor appointed pursuant to Sub-section (4) shall submit a report of audit performed by him or her to the concerned licensed institution and the Rastra Bank.
(6) The auditor appointed pursuant to Sub-section (4) shall receive such remuneration as prescribed by the Rastra Bank. It shall be the duty of the concerned licensed institution to pay to the auditor so appointed the remuneration prescribed by the Rastra Bank.
and in accordance with such procedure as may be prescribed by the Rastra Bank.
(2) A licensed institution shall, no later than five months after the expiry of a financial year, prepare its balance sheet, profit and loss account, cash flow statement and other financial statements, as well, in such format and in accordance with such procedure as may be prescribed by the Rastra Bank and have them audited. Such financial statements shall be signed by at least two directors, the chief executive and the auditor.
(3) If any licensed institution which has failed to have its accounts audited within the period referred to in Sub-section (2) makes a request, accompanied by a reasonable reason, for an extension of the period for audit, the Rastra Bank may extend a period of not more than three months.
(4) The Rastra Bank may appoint an auditor to audit the accounts of a licensed institution which fails to have its accounts audited even within the period referred to in Sub-section (3).
(5) The auditor appointed pursuant to Sub-section (4) shall submit a report of audit performed by him or her to the concerned licensed institution and the Rastra Bank.
(6) The auditor appointed pursuant to Sub-section (4) shall receive such remuneration as prescribed by the Rastra Bank. It shall be the duty of the concerned licensed institution to pay to the auditor so appointed the remuneration prescribed by the Rastra Bank.