Section 19
of Universiti Teknologi Brunei Act ( Formerly Known as Institut Teknologi Brunei Act)
Section 19
As a consequence of the vesting of any property, rights or liabilities of the Government in the Universiti under this Act, or of any capital injection or other investment by the Government in the Universiti in accordance with any written law, the Universiti shall issue such shares or other securities to the
Minister of Finance and Economy as that Minister may direct.
Accounts and financial statements 20.
(1)
The Council shall cause proper accounting and other records to be kept of the financial transactions of the Universiti and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Universiti and over the expenditure incurred by the Universiti.
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(2)
The Council shall, as soon as practicable after the close of each financial year, cause financial statements in respect of that year to be prepared and submitted to the auditor of the Universiti.
Audit of accounts 21.
(1)
The accounts of the Universiti shall be audited by the Auditor
General or such other auditor as may be appointed annually by the Minister after consultation with the Auditor General.
(2)
A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor under the
Companies Act (Chapter 39).
(3)
The remuneration of the auditor shall be paid out of the funds of the Universiti.
(4)
The auditor or any person authorised by him shall be entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Universiti and may make copies of, or extracts from, any such accounting and other records.
(5)
The auditor shall in his report state —
(a)
whether the financial statements show fairly the financial transactions and the state of affairs of the Universiti;
(b)
whether proper accounting and other records have been kept, including records of all assets of the Universiti whether purchased, donated or otherwise;
(c)
whether receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Universiti during the financial year were in accordance with the provisions of this Act; and
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(d)
such other matters arising from the audit as he considers necessary.
(6)
The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Council and shall also submit such periodical and special reports to the Minister and to the
Council as may appear to him to be necessary or as the Minister or the
Council may require.
Failure to furnish information to auditor 22.
(1)
The auditor or any person authorised by him may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor or the person authorised by him considers necessary for the purposes of his functions under this Act.
(2)
Any person who fails without reasonable excuse to comply with any requirement of the auditor under subsection (1) or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers is guilty of an offence and liable on conviction to a fine not exceeding $1,000.
Presentation of financial statements and auditor’s report to Minister of
Finance and Economy 23.
(1)
The Council shall, as soon as the financial statements have been audited in accordance with the provisions of this Act, send to the Minister of
Finance and Economy a copy of the audited financial statements, signed by the Chairman, together with a copy of the auditor’s report.
(2)
Where the Auditor General is not the auditor of the Universiti, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor General when they are submitted to the
Council.
(3)
The Minister shall as soon as practicable cause a copy of the audited financial statements and of the auditor’s report to be presented to
His Majesty the Sultan and Yang Di-Pertuan.
Annual report 24.
(1)
The Council shall, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to the Minister a report
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dealing generally with the activities of the Universiti during the preceding financial year and containing such information relating to the proceedings and policy of the Universiti as the Minister may, from time to time, direct.
(2)
The Minister shall as soon as practicable cause a copy of every such report to be presented to His Majesty the Sultan and Yang Di-Pertuan.
Acquisition of land for purposes of Universiti [S 6/2017]