Audits and adjustments

(1) The Auditor-General shall audit the Fund, and the accounts of the Central Bank mentioned in subsection (2) of Section 32 of this Act, the Committees and the Board, each financial year, and shall report in writing thereon to the National Assembly and the Independent Oversight Board not later than three months after the end of the financial year concerned. (2) The Auditor-General shall provide true and fair copies of the reports mentioned in subsection (1) of this section, to the Public Information Office promptly after they are laid before the National Assembly. (3) The Fund shall additionally be audited each financial year by an independent auditor which agrees in writing with the Independent Oversight Board to do so. (4) The auditor mentioned in paragraph (3) of this section, shall be an internationally recognized firm of auditors with skills experience and reputation appropriate to its mandate, and its fees shall be met from the budget of the Independent Oversight (5) The agreement mentioned in subsection (3) of this section shall, (a) require that the auditor shall audit the Fund each financial year, and report in writing thereon in the manner required by subsection (7) of this section; (b) require that the audit scope includes a comparison of receipts into the Fund with payments by Contractors, the correctness of 44 Management Fund the calculation of income tax and other revenues payable, the correctness of the calculation of the Sustainable Permanent Income, and the compliance with the (c) require that the auditor shall provide true and fair copies of the reports mentioned in paragraph (a) in the manner required by subsection (8) of this section; (d) provide for the payment to the auditor of usual and customary fees by usual and customary means; (e) deal with such other matters as may accord with international best industry practice and be reasonable in the circumstances, and in a manner consistent with, and not contrary to, this Act; (f) be for a term of not more than one year, but may be renewed on the same or different terms; (g) be subject to confirmation by the Independent Oversight Board. (6) The Chairperson of the Independent Oversight Board shall provide a true and fair copy of the agreement mentioned in subsection (3) of this section, to the Public Information Office within seven days after it is signed. (7) The auditor shall audit the Fund each financial year, and shall report in writing thereon to the National Assembly and the Independent Oversight Board not later than three months after the end of the financial year concerned. Management Fund 45 (8) The auditor shall provide true and fair copies of the reports mentioned in subsection (7) of this section, to the Public Information Office promptly after they are laid before the National Assembly. (9) Any amount disclosed by an audit done under this Section to be due to a person who has paid Petroleum Revenue to the Permanent Restricted Account, or which is otherwise finally determined to have been overpaid, shall be dealt with and reimbursed in accordance with the applicable tax and other laws. (10) The House of Representative shall debate the reports of the Auditor-General and the auditor, and the related reports and accounts of the Fund, the Central Bank, the Investment Committee and the Independent Oversight Board as a matter of urgency after they are laid before it, and may hear from persons concerned in their preparation, and from the Independent Oversight Board generally, during the debate.