Section 9: Annual estimates, account and audit

(1) The Council shall cause to be prepared, not later than six months before the end of the year, estimates for the recurrent and capital expenditure and income of the Institute during the next succeeding financial year, which shall be presented at the annual general meeting of the Institute by the Council for approval.
(2) The Institute shall keep proper accounts and records in relation thereto and shall prepare in respect of each year a statement of accounts in such form as may be prescribed by the Financial Reporting Council of Nigeria.
(3) The Council shall, after the end of a financial year, cause the accounts of the Institute to be audited by appointed qualified auditors who shall not be a member of the Council.
(4) The auditors appointed under subsection (3) shall, on completion of the audit of the accounts of the Institute for each financial year, prepare and submit to the Council two reports –
(a) a general report setting out the observations and recommendations of the auditors on the financial affairs of the Institute for the year, and on any important matter which the auditors may consider necessary to bring to the notice of the Council; and
(b) a detailed report containing the observations and recommendations of the auditors on all aspects of the operations of the Institute.