Section 12: Annual estimate, accounts and audit.

(1) The Board shall cause to be prepared, not later than 30 September in each year, an estimate of the expenditure and income of the Council during the next succeeding year and when prepared, they shall be submitted to the Minister for approval.
(2) The Board shall cause to be kept proper accounts of the Council and proper records in relation thereto and when certified by the Board, the accounts shall be audited by auditors appointed by the Council from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(3) Any member, agent or employee of the Council who fails, without reasonable cause, to comply with a requirement of an auditor under subsection (2) of this section, commits an offence and is liable on conviction to a fine not exceeding #10,000 or imprisonment for a term not exceeding three months or to both such fine and imprisonment.