S.L. 363.2 Art. 8Management letter.

(1) After concluding each audit, the auditors shall submit to the Auditor General the financial statements prepared by the

Executive Secretary of the Council, the Audit Report thereon and the Management Letter by not later than the 30th June of each year, or if this happens not to be a working day, the first following working day: Provided that, if there are any adjustments to be carried out, the auditors are to bring these to the attention of the Local Council and return the financial statements so that the necessary adjustments are carried out and approved by the Local Council and revised financial statements drawn up. The final approved financial statements duly signed by the Executive Secretary and the Mayor, are to be returned to the auditors who will append the Audit Report and Management Letter and submit them to the Auditor General by not later than the 30th June of each year, or if this happens not to be a working day, the first following working day.

(2) The Auditor General will then forward the financial statements, the Audit Report and Management Letter to the Local Council. The Mayor and the Executive Secretary in return are to submit the Council’s response to the Director, the Auditor General and the auditors by not later than August 14 of each year and if this happens not to be a working day, the first following working day, or six weeks after receipt of the Management Letter from the Auditor General, after seeking the Local Council’s approval.

(3) The Council and the Executive Secretary shall:

(a) implement the auditors’ recommendations relating to non-compliance with the Act, these regulations and other regulations or procedures issued under the Act; and

(b) give due consideration to the implementation of the recommendations made by the auditors to correct any weaknesses in the Council’s accounting and financial operations.