12.
| (a) The financial year of the Corporation shall be the calendar year. |
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| (b) The Corporation shall cause proper accounts to be kept of its income and expenditure, assets and liabilities and all other transactions of the Corporation. |
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| (c) The accounts of the Corporation shall be audited by a qualified auditor. |
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In this section, "qualified auditor" means-
| (i) an individual who being a member of the Institute of Chartered Accountants of Sri Lanka, or of any other Institute established by law, possesses a certificate to practice as an Accountant issued by the Council of such Institute ; or |
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| (ii) a firm of Accountants each of the resident partners of which, being a member of the Institute of Chartered Accountants of Sri Lanka or of any other Institute established by law, possesses a certificate to practice as an Accountant issued by the Council of such Institute. |
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Sri Lanka Consolidated Acts