Annual statement of accounts
177.—(1) The Director of Financial Services shall, as soon as practicable after the end of each financial year, and in accordance with such other requirements as may be prescribed by a law—
(a)cause to be prepared for submission to the auditor a statement of accounts reflecting the financial operations of the Consolidated Fund and any other public fund or account for that financial year; and
(b)submit the annual statement of accounts to the auditor.
(2) The auditor, in accordance with such other requirements as may be prescribed by a law, shall audit the annual statement of accounts within six months of receiving it (or such longer period as the Governor may authorise in exceptional circumstances), and shall return it, together with the auditor’s report and annual management letter, to the Director of Financial Services.
(3) The Director of Financial Services shall present to the Governor and the Island Council the audited annual statement of accounts and its attachments received under subsection (2) within ten days of receiving them.
(4) In this section, “auditor” means the person or authority conducting an audit pursuant to arrangements made by the Governor under section 178(1).