Financial Powers of the Executive Committee and Audit Requirements

Education202521 sections

Statutory text

(1) All transactions of money and property covered by this Act shall be entered into and carried out by the Executive Committee on behalf of the Board and shall have power to enter and carry out such transactions without prior reference to the Board; Provided that:
- (a) all such transactions are within the competence of the Board; and
- (b) all such transactions are reported to the Board in the immediately following Annual General Meeting.
(2) The Executive Committee may open such accounts, in such banks, as it deems fit, to deposit and operate the monies belonging to the Board’s Fund or any other funds and monies belonging to the Board including the Model School Fund at its discretion for the benefit of the School and the Board.
(3) All financial holdings of the school shall be audited by an Auditor appointed by the Board on an annual basis unless required by the Board to hold such audit as interim audit and the audited reports should be approved by the Board.
(4) The Executive Committee shall ensure that proper accounts are maintained in respect of all financial transactions of the Board and that the Auditor is enabled to audit all such accounts effectively and in proper time.
(5) The Executive Committee may also cause internal audit to be conducted as and when it deems fit.

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