Section 10: Audit of accounts and annual report thereon.

(1) The Director shall keep proper accounts and proper records in relation thereto and shall on a date not later than 18 months after the establishment of the College and subsequently once at least in every year, lay before the Board in a general meeting, a statement of an income and expenditure account, made up to a date not earlier than the date of the meeting by more than nine months.
(2) The Board may at its discretion by a resolution extend the periods mentioned in subsection (1) of this section.
(3)
Subject to the provisions of subsection (1) of this section, the Director shall as soon as may be after the end of the financial year to which the accounts relate, cause the accounts of the College to be audited by external auditors appointed by the Board from the list of external auditors and in accordance with guidelines supplied by the Auditor-General for the Federation.
(4) The auditors shall, on the completion of the audit of the accounts of the College for each financial year, prepare and submit to the Board reports setting out-
(a)
general observations and recommendations of the auditors on the financial affairs of the College for the year and on any important financial matters which the auditors desire to bring to the notice of the Board; and
(b) detailed observations and the recommendations of the auditors on all aspects of the finances of the College for that year.