EFI Constitution - Continued
Article 21 (Management and financial control)
- Each financial period shall coincide with the fiscal
- The Executive Committee will ensure that proper financial
records are kept in accordance with Article 8, para 4 by the Treasurer
or his designated deputy.
- Within 6 months of end of the fiscal year the Executive
Committee will ensure that a balance sheet and a profit and loss account
are drawn up by the Treasurer or his designated deputy, and that an
Activity Report is drawn up by the Secretary or his designated deputy.
- The Executive Committee shall as a whole approve the
balance sheet and profit and loss account and shall submit these documents
to an independent auditor nominated for this purpose by the President,
Secretary and Treasurer acting together.
- The balance sheet, profit and loss account and all vouchers
relating thereto shall be kept in the custody of the Executive Committee
and be open for inspection at any reasonable time bytwo members of the
General Assembly who have given at least two weeks notice of their intention
and who have at the same time given reasons for their request.
- The General Assembly shall examine all accounts drawn
up in accordance with para 1 to 3 of the present article and Activity
Report and shall examine the report prepared by the independent auditor
according to para 4 of the present article.
- Having approved all the documents examined in accordance
with the preceding paragraph, the General Assembly shall discharge the
Executive Committee from its financial responsibilities for the period
- In the event of a general legal obligation to draw up
annual accounts based on the legal financial year, the officers of EFI
shall ensure that the necessary documents are prepared, submitted to
an independent auditor and made available if requested to all members
of the General Assembly.
Article 22 (Responsibility for the budget)
The Executive Committee shall examine and approve the prospective
budget and programme drawn up by the Officers in accordance with Article
8, para 3 (b) and 4, and submit these documents to each meeting of the
Article 23 (Responsibility for the future budget)
The General Assembly shall examine the prospective budget
and programme submitted by the Executive Committee in accordance with
Article 22 within 3 months of their being drawn up with a view to modifying
or adding to the objectives of EFI as the case may be.