Page:Independent Police Complaints Council Ordinance (Cap. 604).pdf/36

INDEPENDENT POLICE COMPLAINTS COUNCIL ORDINANCE—SCHEDULE 1 26. Investment of funds

(1) Subject to subsection (2), the Council may invest money that is not immediately required to be expended.

(2) The Council must not invest money except in such form of investment as the Financial Secretary approves.

27. Financial year

The financial year of the Council is—
 * (a) the period beginning on the date of commencement of this Ordinance and ending on 31 March in the next following year; and
 * (b) the period of 12 months ending on 31 March in each subsequent year.

28. Council to keep proper accounts

(1) The Council must keep proper accounts of its financial transactions.

(2) As soon as practicable after the end of a financial year of the Council, the Council must prepare—
 * (a) a statement of accounts for that financial year containing an income and expenditure account and a cash flow statement; and
 * (b) a balance sheet showing the financial position of the Council as at the end of that financial year.

29. Audit of statement of accounts

(1) The Council must appoint as its auditor a person who is registered under the Professional Accountants Ordinance (Cap. 50) and holds a practising certificate within the meaning of that Ordinance.

(2) As soon as practicable after the end of a financial year of the Council, the auditor must—
 * (a) audit the accounts and the statement of accounts prepared by the Council for that financial year; and
 * (b) submit to the Council a report on the statement of accounts.

30. Annual reports of Council

(1) As soon as practicable and in any case not later than 6 months after the end of a financial year of the Council, or such further period (as may be reasonable in the circumstances) as the Chief Executive may allow, the Council must submit to the Chief Executive—