It was observed that sections 47 and 48(1) of the law establishing ASWAMA of income and expenditure as well as annual accounts showing the financial performance and position of the agency were not complied with by Agency during the period covered by the audit exercise.
As a result of the above, section 48(2) which provides that the annual statement of accounts of the Agency shall be audited by a reputable external audit firm to be nominated by the managing director subject to approval of the state auditor general, was not also complied with.
The managing director of the Agency was requested to provide in writing the justification for the non-preparation of annual statements of accounts of the agency as required by the law.
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