Tertiary Education and Research (Wales) Act 2022

Accounts and audit

15 (1) The Commission must—

(a) keep proper accounts and proper records in relation to them, and

(b) prepare a statement of accounts in respect of each financial year in accordance with directions given by the Welsh Ministers.

(2) The directions may make provision as to—

(a) the information to be contained in the statement;

(b) the manner in which the information is to be presented;

(c) the methods and principles according to which the statement is to be prepared;

(d) additional information that is to accompany the statement.

(3) No later than 31 August after the end of each financial year the Commission must submit its statement of accounts to—

(a) the Auditor General for Wales, and

(b) the Welsh Ministers.

(4) The Auditor General for Wales must examine, certify and report on the statement of accounts.

(5) The Auditor General for Wales must, before the expiry of the 4-month period, lay before Senedd Cymru—

(a) a copy of the certified statement and report, or

(b) if it is not reasonably practicable to do so, a statement to that effect, which must include reasons as to why this is the case.

(6) Where a statement has been laid under sub-paragraph (5)(b), the Auditor General must lay a copy of the certified statement and report before Senedd Cymru as soon as reasonably practicable after the expiry of the 4-month period.

(7) In sub-paragraphs (5) and (6), “the 4-month period” means the period of 4 months beginning with the day on which the statement of accounts is submitted to the Auditor General for Wales under sub-paragraph (3).