Regulation 98 — REGULATIONS_AUDIT

98. Applicable standards and verifications required in audit of accounts Where the Comptroller and Auditor General is the sole auditor of a corporation, the financial audit is conducted in accordance with the auditing standards issued by the Comptroller and Auditor General. Audit shall verify whether systems and procedures are in place and implemented to ensure that the accounts: (1) comply with the requirements of the applicable law(s), rules and administrative instructions; (2) comply with the accounting standards prescribed by the ICAI; (3) contain adequate disclosures in respect of financial transactions; and (4) present a true and fair view of the corporation’s financial position.