CHAPTER 6 FINANCIAL AND RELATED MATTERS ARTICLE 17 ANNUAL ACCOUNTS, REPORT AND AUDIT (a) The start and end of the financial year of the Authority shall be determined by a resolution issued by the Board. (b) The Authority shall have an independent budget and maintain audited reports for each financial year. (c) The General Director shall, in co-ordination with the Ministry of Finance and National Economy, prepare a draft budget for the Authority for the next financial year and submit such draft to the Board three months before the end of the financial year. The Board shall approve such draft within three months of submission. If the draft budget is rejected by the Board or if such period expires without approval of the draft by the Board, the budget for the previous year shall remain in effect, adjusted for inflation using the official inflation rate. The Board should indicate in writing the grounds for rejecting a draft budget. (d) The Board shall, at the beginning of every financial year, appoint an independent auditor of international standing to audit the Authority’s accounts. The Authority shall cause its accounts to be audited by the independent auditor within three months of the end of each financial year. The auditor’s report shall be submitted to the Board by the auditor not later than five months from the end of the financial year and shall draw any financial irregularity or shortfall to the attention of the Board. (e) The General Director shall prepare and submit to the Board, not later than six months from the end of the financial year, an annual report in such form as the Board may direct on the activities of the Authority, and shall enclose with such report a copy of the audited accounts of the Authority, the auditor’s report and the information set forth in Article 54 of this Law. (f) Immediately after the Board approves the audited accounts of the Authority, the Authority shall publish a summary of its audited accounts in the Official Gazette and in two local daily newspapers, one of which is published in Arabic and the other in English. ARTICLE 18 FUNDING OF THE AUTHORITY (a) Funding of the operations and activities of the Authority shall be derived from the following sources: -19Translation dated 12 April 2009 This is an unofficial translation of the Law. It is provided for information purposes only. Reliance may only be placed upon the official Arabic version of the Law published in the Official Gazette of the Kingdom of Bahrain. Any comments on this translation will be gratefully received by the Authority. Please email any comments to: contact@tra.org.bh