Labour Market Regulatory Authority
Auditing the Authority’s accounts
ARTICLE 19
AUDITING THE AUTHORITY'S ACCOUNTS
A- The Board of Directors shall, at the beginning of each fiscal year, appoint an external auditor or auditors with reputed international standing to audit the Authority’s accounts and shall set the auditor’s annual fees. Such external auditor shall not audit the Authority’s accounts for more than three years during the five years preceding his appointment.
B- The Authority shall not assign any functions, to the external auditor, other than account auditing, all through his term as auditor.
C- The external auditor shall, within a maximum period of three months after the end of the fiscal year, audit the Authority’s accounts and prepare a report in accordance with the internationally recognized accounting standards. Such a report shall include all data and information showing the true financial position of the Authority, including:
- A statement demonstrating, that the Authority has laid at the disposal of the external auditor all the documents, records, books, data and information he Considers necessary to fulfill his task.
- A statement demonstrating that the authority’s budget and final accounts reflects actual situation and whether they have been prepared in accordance with internationally recognized accounting standards.
- A statement with regards to whether the Authority keeps regular accounts in accordance with applicable norms.
- A statement with regards to whether the inventory of the Authority’s assets has been conducted in accordance with applicable norms.
- A statement with regards to whether the data contained in the Chief Executive’s reports concur with the data contained in the Authority’s books and records.
- A statement with regards to any infringements revealed to the auditor in the course of conducting his duties, and whether such infringements remain extant.
D- The external auditor shall submit his report on the auditing of Authority’s accounts to both the Minister and the Audit Committee within three months as from the end of the fiscal year.