Southern Africa Development Community Secretariat – Procurement and Grants Policy Secretary and upon request to the Council of Ministers. (3) In addition, the SADC Secretariat shall also conduct regular internal audits of the procurement process. (4) Procurement activities financed by the SADC Secretariat shall be subject to annual auditing by the Board of Auditors to ensure that (a) funds are expended for their intended purpose, (b) value for money is maximized, (c) proper and accountable systems are in place and adhered to, and (d) any weaknesses in procurement are identified. (5) The Board of Auditors’ procurement audit reports shall be presented annually to the Council of Ministers for their information and endorsement. (6) All the SADC Secretariat and/or the Procuring Entity’s staff involved in procurement processes shall provide full cooperation and disclosure to these auditors, evaluators and any other authorities conducting audits and/or monitoring and evaluation reviews, in accordance with this policy and other SADC Secretariat policies. Article 48. Review of the Procurement Policy (1) The SADC Secretariat may review regularly this Procurement Policy to adjust it to the evolving economic, political, social, cultural and technological environment in which the SADC Secretariat operates. (2) Any modification shall be subject to prior approval of the Council of Ministers. (3) No modification of this Policy shall apply retroactively. Article 49. Sanctions (1) When an economic operator is found in one of the situations described in Articles 7 and 8, the SADC Secretariat and/or the Procuring Entity may take the following measures against the economic operator: (a) reject his bid; (b) declare the economic operator, including his affiliates, ineligible for the award of a SADC Secretariat contracts, either indefinitely or for a stated period of time as defined in the procurement regulations; (c) cancel or terminate any on-going contract with the contractor; (d) request the relevant national authorities to conduct a joint investigation with the SADC Secretariat to inspect or carry out audits of the bidder’s/ contractor’s records and financial statements in 36