PART IV FINANCIAL PROVISIONS 19 Funds of Authority The funds of the Authority shall consist of (a) fees, charges and other income accruing to the Authority from licences issued and other things done by it in terms of this Act; and (b) such moneys as may be payable to the Authority from moneys appropriated for the purpose by Act of Parliament; and (c) such other moneys as may vest in or accrue to the Authority, whether in the course of its operations or otherwise. 20 Surplus funds of Authority to be appropriated to Universal Service Fund Any surplus of income over expenditure at the end of the Authority’s financial year shall be appropriated to the Universal Service Fund established by subsection (1) of section seventy-three. 21 Financial year of Authority The financial year of the Authority shall be the period of twelve months ending on the 31st December in each year. 22 Accounts of Authority (1) The Board shall ensure that proper accounts and other records relating to such accounts are kept in respect of all the Authority’s activities, funds and property, including such particular accounts and records as the Minister may direct. (2) Not later than three months after the end of each financial year of the Authority, the Authority shall prepare and submit to the Minister a statement of accounts in respect of that financial year or such other period as the Minister may direct. 23 Audit of Authority’s accounts (1) Subject to the Audit and Exchequer Act [Chapter 22:03], the Authority shall appoint as auditors one or more persons approved by the Minister who are registered as public auditors in terms of the Public Accountants and Auditors Act [Chapter 27:12]. (2) The accounts kept by the Authority in terms of subsection (1) of section twenty-two shall be examined by the auditors appointed in terms of subsection (1). (3) The auditors appointed in terms of subsection (1) shall make a report to the Board and the Minister on the statement of accounts prepared in terms of subsection (2) of section twenty-two and such report shall state whether or not in their opinion the statement of accounts gives a true and fair view of the Authority’s affairs. (4) In addition to the report referred to in subsection (3), the Minister may require the Board to obtain from the auditors appointed in terms of subsection (1) such other reports, statements or explanations in connection with the Authority’s operations, funds and property as the Minister may consider expedient, and the Board shall forthwith comply with any such requirement. 24 Powers of auditors (1) An auditor referred to in section twenty-three shall be entitled at all reasonable times to require to be produced to him all accounts and other records relating to such accounts which are kept by the Authority or its agents and to require from any member of the Board or employee or agent of the Authority such information and explanations as in the auditor’s opinion are necessary for the purposes of his audit. (2) Any member of the Board or employee or agent of the Authority who fails without just cause to comply with a requirement of an auditor in terms of subsection (1) shall be guilty of an offence and liable to a fine not exceeding level four or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment. [Subsection amended by section 4 of Act 22 of 2001] PART V MISCELLANEOUS PROVISIONS RELATING TO AUTHORITY 25 Minister may give policy directions (1) Subject to subsection (2), the Minister may give the Board such general directions relating to the policy the Authority is to observe in the exercise of its functions as the Minister considers to be necessary in the national interest. (2) Before giving the Board a direction in terms of subsection (1), the Minister shall inform the Board, in writing, of the proposed direction and the Board shall, within thirty days or such further period as the Minister may allow, submit to the Minister, in writing, its views on the proposal. 13