S.L. 363.2 ст. 4Mid-term audits.

(1) The Mayor shall inform the Auditor General and the

Director whenever the Executive Secretary hands in his notice of termination of employment or when the Local Council does not intend to renew his contract.

(2) Whenever there is a change in an Executive Secretary, there shall be prepared a set of Financial Statements which shall serve as a handover and which shall cover the period from beginning of year to the last working day of the Executive Secretary who will be ending his employment with the Council. These Financial Statements shall be prepared prior to the end of the employment of the Executive Secretary in office and a copy thereof shall be forwarded to the Auditor General and to the Director:

Provided that this shall be without prejudice to the new Executive Secretary’s right to request a mid-term audit if he deems fit.

(3) Whenever a mid-term audit is requested, the Auditor General shall appoint an individual or partnership to carry out the mid-term audit. The fee for this audit, which will be paid by the Local Council involved, will be agreed beforehand between the Auditor General and the Local Government Auditor appointed to audit that particular Council. The fee shall not exceed the fee payable for the Financial Year and Audit.

(4) After concluding each mid-term audit, the auditors shall present to the Auditor General the financial statements covering the period from the beginning of the year to the last day of the employment of the outgoing Executive Secretary, and an Audit Report thereon. The auditors are also to draw up a Management Letter on the financial position of the Council pointing out any errors, omission and, or shortcomings and weaknesses encountered. The auditors are to supervise any adjustments and corrections that might be necessary.

(5) The time limit by which the documents listed in sub-regulation (4) are to be submitted to the Auditor General shall be agreed upon between the Auditor General and the auditors carrying out such audit.