ARRANGEMENT OF SECTIONS
1. Short title.
3. Establishment of Corporation.
4. Functions of the Corporation.
5. President may direct special audit inspection.
6. Jurisdiction of courts.
7. Management of Corporation.
8. Powers of Controller and Auditor-General.
9. Financial duties of the Corporation.
10. Financial resources of the Corporation.
11. Report, accounts and audit.
THE TANZANIA AUDIT CORPORATION ACT
An Act to establish the Tanzania Audit Corporation and to provide for its constitution, functions and for matters related thereto and to provide for the amendment of certain laws concerning the audit of the accounts of statutory bodies.
[2nd February, 1968]
1 of 1968
15 of 1970
8 of 1974
22 of 1981
13 of 1988
This Act may be cited as the Tanzania Audit Corporation Act.
In this Act, unless the context otherwise requires–
"appointing authority" in relation to the chairman of the Board of Directors means the President and in relation to other members of the Board means the Minister;
"Board" means the Board of Directors established under section 5;
"Controller and Auditor-General" means the person holding the office of Controller and Auditor-General provided for in section 143 of the Constitution of the United Republic of Tanzania;
"Corporation" means the Tanzania Audit Corporation established by section 3;
"financial year" in relation to the Corporation, includes the Corporation's first accounting period, whether shorter or longer than a year, and, if the Corporation changes its accounting year, includes any accounting period, whether shorter or longer than a year, employed to give effect to the change;
"Minister" means the Minister responsible for finance;
"parastatal organisation" means–
(a) a local government authority;
(b) any body corporate established by or under any written law other than a any company registered under the Companies Act * other than a company to which paragraph (c) applies;
(c) a trade union registered under the Trade Unions Act *;
(d) any company registered under the Companies Act, having not less than fifty per centum of the issued share capital of which is owned by the Government or a parastatal organisation or, where the company is limited by guarantee, a company in respect of which the amount that the Government or a parastatal organisation which is a member of such company has undertaken to contribute in the event of the company being wound up is not less than fifty per centum of the aggregate amount which all the members have undertaken to contribute; and reference in this paragraph to "parastatal organisation" includes reference to any such company;
(e) any body of person, whether corporate or unincorporated, which the Minister may, by notice in the Gazette, declare to be a parastatal organisation for the purposes of this section.
There is hereby established a corporation to be known as the Tanzania Audit Corporation which shall–
(a) have perpetual succession and a common seal;
(b) in its corporate name be capable of suing and being sued;
(c) subject to this Act, be capable of purchasing and otherwise acquiring and of alienating, any movable or immovable property.
(1) It shall be the duty of the Corporation to provide audit services and services ancillary or incidental thereto, including advisory and accounting services, in accordance with the provisions of this Act.
(2) The Corporation shall be responsible for and shall perform, in accordance with the best professional standards and, except where otherwise provided in any written law, within six months of the end of each financial year concerned, the audit of the accounts of any parastatal organisation established by any written law.
(3) Notwithstanding any provisions to the contrary contained in the Articles of Association of any company concerned, the Corporation shall be responsible for and shall perform, in accordance with the best professional standards, the audit of the accounts of any parastatal organisation established under the Companies Act *.
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.