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Article (5) Authority Financial Affairs

1. The Authority shall have an independent budget, and the Chairman of the Authority shall prepare the draft budget in agreement with the Head of the Presidential Court. It shall be approved by the President of the State, notified by the Minister of Finance, and attached to the general budget as a single number.

2. The Chairman of the Authority shall have all the necessary powers and powers to manage and implement the Authority budget and to make transfers between its chapters and items in accordance with the financial and administrative rules and Regulations approved by the Authority, in order to guarantee the independence of the Authority from the Regulated Entities. He has the authority to approve secret expenditures expended during the fiscal year for the purposes of organising its accounting records and submitting them. A report to the President of the State at the end of each year.

3. The Chairman of the Authority, after agreement with the Head of the Presidential Court, may request additional approval from the President of the State, provided that the Minister of Finance is notified of this.

4. In regulating its accounts and records, the Authority shall apply the rules and principles of government accounting.

5. The fiscal year of the Authority shall commence on the first day of January and end on the thirty-first of December of each year.

6. The Authority shall have one or more Auditors accredited to Audit the accounts and financial statements of the Authority, whose appointment shall be issued by a decision of the Chairman of the Authority based on the rules for appointing Auditors. He shall carry out his work based on the standards for Audit financial statements of government agencies or any other standards that the Authority deems appropriate.