11.
| (1) The Council shall cause to be kept proper books of account with respect to all sums of money received and expended by the Institute and the matters in respect of which such receipts and expenditure take place, and the assets and liabilities of the Institute, and. all other mutters necessary for showing the true state and condition of the funds of the Institute. |
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| (2) The accounts of the Institute shall be subject to audit by a person or a firm qualified to practise as a Chartered Accountant in Sri Lanka, who shall be appointed for the purpose in each year by the Council. The provisions of section 132 of the Companies Ordinance shall apply to such auditor or auditors as if the words " the Institute " were therein substituted for the words " the company " and " a company ", and the words " members and officers of the Council " for the words " directors and officers of the company''. |
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| (3) The Annual Report of the Council shall include the statement of accounts for the period of twelve months ending on the 31st day of December of that year, the balance sheet as at that date and the auditor's report thereon. |
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Sri Lanka Consolidated Acts