Accounts and audit

(1) The Corporation shall keep proper accounts of all its financial transactions, of assets and liabilities, and complete record of all other matters relating to its finances and shall prepare annually a statement of accounts in a manner satisfactory to the Board and in conformity with International Financial Reporting Standards. (2) The accounts of the Corporation shall be audited annually by an independent external auditor appointed by the (3) The external auditor of the Corporation shall be professional in regard to the expression of an opinion on the financial statements of the Corporation and in compliance with generally accepted auditing principles. The external auditor shall, in fulfilment of the responsibilities as auditor, be supplied access to the accounts, documents, personnel and operations of the Corporation as are appropriate to support the expression of an opinion related to the financial statements of (4) The auditor shall transmit to the Board copies of the auditor’s report, and the Board shall forward a copy to the Minister. (5) Representatives of the Audit Committee of the Board shall interview the external auditor on the contents of the auditor’s report and on the auditor’s observations on the effectiveness of internal controls and internal processes. (6) The Corporation shall appoint an internal auditor whose role shall be to ensure the effective adoption of internal controls, adherence to policies and guidelines prepared by the Board and adherence to risk parameters set by the Board. (7) Copies of all reports of the internal auditor shall be submitted to the Audit Committee of the Board and the Audit Committee shall, at regular intervals, interview the internal auditor on the results of the auditor’s work and shall make recommendations on its findings to the Board. (8) The Central Bank of Belize is authorized to carry out inspections, examinations and financial assessments at its convenience, of the arrangements within the Corporation on the financial affairs of the Corporation, on the effectiveness of the governance and risk management regimes that have been established by the prudential guidelines of the Central Bank of Belize, and to report on its findings to the Board and to the Minister. (9) Notwithstanding anything in this section, the Minister may, at any time and in his discretion, require the Auditor- General or any other relevant qualified authority, to examine the report on the accounts as well as the accounts of the Corporation, in which event the Board shall afford the Auditor- General, or any other relevant qualified authority, all facilities for examination as the Auditor-General may require. 27 (10) All the expenses incurred for the purpose of auditing shall be paid out of the funds of the Corporation.