3. Section 18 of the principal enactment is hereby amended as follows :
| (1) by the repeal of subsections (4) and (5) of that section and the substitution, of the following subsections therefor:-
| | "(4) The Auditor-General shall audit the accounts of the Institute every year. For the purpose of assisting him in the audit of such accounts, the Auditor-General shall engage the services of a qualified auditor (hereinafter referred to as "the auditor") who shall act under his direction and control. Such audit shall be conducted in accordance with the Sri Lanka auditing standards established by the Institute of Chartered Accountants of Sri Lanka under the Sri Lanka Accounting and Auditing Standards Act, No. 15 of 1995. | | |
| | (5) For the purposes of meeting the expenses incurred by him in the audit of the accounts of the Institute, the Auditor-General shall be paid out of the Fund of the Institute, such remuneration as the Board may determine, Any remuneration received from the Fund of the Institute by the Auditor-General shall, after deduction therefrom of any sums paid by him to the auditor engaged by him for the purpose of conducting such audit, be credited to the Consolidated Fund." ; | | |
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| (2) by the substitution, in subsection (10) of that section, for the word "auditor" wherever that word occurs in that subsection, of the words "Auditor-General"; and |
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| (3) by the substitution, in subsection (11) of that section, for the word "auditor", of the words "Auditor- General". |
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Sri Lanka Consolidated Acts