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Public Finance (Amendment) Act 1990

TUVALU

PUBLIC FINANCE (AMENDMENT) ACT 1990
(Act 9 of 1990)

I assent

Toaripi Lauti PC
Governor-General

19^th December 1990

AN ACT to amend the PUBLIC FINANCE ACT (Cap. 49) to incorporate into the Act a requirement that the management and audit of the public finances be in accordance with generally accepted international accounting practices and to expand the functions of the Auditor-General.

(Commencement: 1 January 1991)

ENACTED by the Parliament of Tuvalu -

Short title

1. This Act may be cited as the Public Finance (Amendment) Act 1990.

Commencement

2. This Act shall come into operation on such date as the Minister may by notice appoint.

Amendment of Public Finance Act (Cap. 49)

3. The Public Finance Act is amended by inserting a new section 3 subsection 3(e) as follows:

"(e) require that the control, management and audit of public finances shall be conducted in accordance with generally accepted international accounting practices and take into consideration the requirement for good stewardship and developing practices with respect to the reporting of public finances."

Amendment of section 25

4. Section 25 is amended by inserting a new section 25(f) to read as follows:

"(f) that expenditure has been incurred with due regard to economy and the avoidance of waste."

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PUBLIC FINANCE (AMENDMENT) ACT 1990

EXPLANATORY MEMORANDUM

(This memorandum is not part of the Act)

The Act introduces a new requirement for the control, management and audit of public finances, which are to be conducted in accordance with generally accepted international accounting practices taking into consideration the requirement for good stewardship and developing practices with respect to the reporting of public finances.

It also expands the function of the Auditor-General by requiring him to satisfy himself that expenditure has been incurred with due regard to economy and the avoidance of waste.

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