Hong Kong Ordinances

ESTATE AGENTS ORDINANCE - SECT 12

Accountants and audits, Authority's report

(1) (a) The Authority shall keep proper accounts and records of its
transactions and shall within 3 months after the expiry of a particular
financial year, or such longer period as the Secretary may allow, prepare a
statement of accounts.

   (b)  A statement of accounts referred to in paragraph (a) shall include an
        income and expenditure account for the financial year to which it
        relates and a balance sheet as on the last day of that financial year.

(2) A statement of accounts referred to in subsection (1)(a) shall give a true
and fair view of the state of affairs of the Authority as at the end of the
financial year to which the statement relates.

(3) A statement of accounts referred to in subsection (1)(a) shall be audited
by an auditor who shall make a written report thereon to the  Authority.

(4) The auditor by whom an audit required by subsection (3) is to be carried
out shall be appointed by the Authority and any such appointment shall be
subject to the Secretary's approval.

(5) The Authority shall within 2 months of the receipt by it of the auditor's
report in respect of its accounts for a particular financial  year, or such
longer period as the Secretary may allow, and in any event not later than 6
months after the expiration of that financial year unless the Secretary
otherwise allows, furnish to the Secretary-

   (a)  a report on the affairs of the Authority for that financial  year;

   (b)  a copy of its statement of accounts for that financial year; and

   (c)  a copy of the auditor's report for that financial year, and the
        Secretary shall cause copies thereof to be laid on the table of the
        Legislative Council.

(6) Nothing in this section shall be construed as affecting section  15 of the
Audit Ordinance ( Cap 122).