Status of Financial Orders and Stores Orders

(1) The Minister may make regulations for giving better effect to the provisions of this Act and for prescribing anything that needs to be prescribed. (2) Without prejudice to the generality of the foregoing, such regulations may be made for the following matters, (a) to ensure effective fiscal policy management and performance; (b) subject to the provisions of this Act, to establish thresholds for open, selective and (c) to regulate the use of technology as it applies to the operation and management of financial and accounting systems; (d) to establish proper accounting standards and principles for the use and management of public money, financial assets and liabilities; (e) to provide for any matter incidental or consequential to the above. (3) Notwithstanding anything contained in the Interpretation Act, Cap. 1, such regulations may provide that the offender shall be liable, 34 (a) on disciplinary proceedings, to dismissal, demotion or a fine not exceeding ten thousand dollars; or (b) on summary conviction, to imprisonment for a term not exceeding two years or to a fine not exceeding ten thousand dollars or to both such fine and term of imprisonment. (4) All regulations made by the Minister under this section shall be subject to affirmative resolution. (5) The Financial Orders and Stores Orders which were in force immediately before the commencement of the principal Act, shall have legislative effect and shall be binding on all public officers, with particular reference to the following matters, insofar as they are not inconsistent with the provisions of this Act or until amended or repealed by regulations made by the Minister under subsection (1) of this section, (a) the collection, receipt, custody, expenditure, due accounting for, care and management of all public money and the duties of all persons concerned therein; (b) the record, examination, inspection and departmental check of all receipts and expenditure and the keeping of necessary books and accounts; (c) the forms for all books and documents whatever required under the provisions of this Act or of the Financial Orders and Stores (d) the purchase, safe custody, issue, sale or other disposal or write-off of public stores and other property of the Government, and the proper accounting for, and stock-taking of, such stores and property; and (e) the preparation of estimates of revenue and expenditure. (6) Where a public officer fails to comply with any of the Financial Orders or Stores Orders, he shall be subject to disciplinary action by the competent authority on the recommendation of the Financial Secretary, without prejudice to any criminal liability which may be incurred where the alleged act or omission constitutes a criminal offence. of 2010.