6105 Government Gazette 25 August 2016 Act No. 8, 2016 15 BUSINESS AND INTELLECTUAL PROPERTY AUTHORITY ACT, 2016 (3) In furtherance of subsection (2), the Board must, whether by means of internal procedures or by its rules, determine prudent financial procedures, including internal control measures and mechanisms, to guard against fraud and the improper administration of its funds. Financial year and budget 20. (1) The financial year of BIPA ends on 31 March each year. (2) BIPA may not incur an expense, except in accordance with a budget drawn up in terms of subsection (3). (3) Every financial year, the Board must cause a budget to be drawn up for the ensuing financial year and submit it to the Minister for approval. (4) The budget drawn up in terms of subsection (3) must contain particulars regarding the expense of BIPA as referred to in section 18(3). (5) If the Board considers it necessary during the course of a financial year, it may submit supplementary estimates of expense of BIPA to the Minister for approval. Auditing 21. (1) The Board, with the consent of the Auditor-General, must appoint a person registered as an auditor in terms of the Public Accountants’ and Auditors’ Act, 1951 (Act No. 51 of 1951), to annually audit its accounting records and financial statements and submit an audited report to BIPA. (2) The auditor referred to in subsection (1) audits the accounting records and financial statements of BIPA subject to such directives as the Auditor-General may issue to such auditor. (3) Not later than four months after the end of each financial year the Board must submit audited accounting records and financial statements together with a report referred to in subsection (1) to the Auditor-General who review and report on the financial position of BIPA. Annual report (1) Not later than six months after the end of each financial year, 22. the Board must prepare and submit to the Minister an annual report relating to such financial year. (2) The annual report referred to in subsection (1) must contain - (a) particulars of all activities of BIPA during the financial year under review; (b) audited financial statements of BIPA contemplated in section 21(3), including a statement of income and expenditure, a balance sheet and the report contemplated in subsection (1); and (c) such other matters as the Minister may require or as may be required under any other law.