Section 7: Accounts and Audit.

(1)
The Council shall prepare and submit to the Minister, not later than 30 September of the year in which this Act comes into force and in each subsequent year thereafter, an estimate of its expenditure and income during the next succeeding year.
(2)
The Council shall keep proper accounts in respect of each year and proper records in relation to those accounts and shall cause the accounts to be audited within six months after the end of the year to which the accounts relate by auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General of the Federation.
(3) The Council shall prepare and submit to the Minister, not later than twelve months after its establishment and once in each year thereafter a report on the activities of the Council during the last preceding year and shall include in the report a copy of the audited accounts of the Council for that year and of the auditor's report on the accounts.