Section 118, The Public Financial Management Act, 2016

(1) The annual financial statements of a public enterpriseshall be– (a) prepared in accordance with such internationally accepted accounting standards as specified by its vote controller or any enactment; and (b) audited by the Auditor-General or other auditor appointed by him. (2) By such date as may be specified by the responsible authority or any other enactment, but in any case within six months after the end of its financial year, the vote controller of a public enterprise shall submit to the responsible authority and the Minister an annual report which includes – (a) the audited annual financial statements for the financial year; (b) the audit report on the annual financial statements; (c) comparison of the actual financial outcomes of the financial year with the budget and the financial targets specified in the financial planning documents; Annual report and financial statements. In-year reporting. No. 13 Public Financial Management Act 2016 No. 13 Public Financial Management Act 201694 95 (d) information on grants, transfers, guarantees, loans, and other financial assistance received from the State; and (e) any other matters as may be specified by the Minister or any other enactment. (3) All annual reports of public enterprises submitted under subsection (2) shall be published by the Minister in the Gazette and the website of the Ministry.