Section 11: Accounts and audit

(1) The Authority shall keep proper accounts and proper records in relation thereto and shall prepare in respect of each financial year a statement of accounts in such form as it may direct.
(2) The Authority shall as soon as may be after the end of the financial year to which the accounts relate cause its accounts to be audited by auditors appointed from the list of auditors and in accordance with guidelines prepared by the Auditor-General for the Federation.
(3) The auditors shall on completion of the audit of the accounts of the Authority for each financial year prepare and submit to the Authority the following two reports, that is to say-
(a) a general report setting out the observations and recommendations of the auditors on the financial affairs of the Authority generally for that year and on any important matters which the auditors may consider necessary to bring to the notice of the Authority; and
(b) a detailed report containing the observations and recommendations of the auditors in detail on all aspects of the operations of the Authority for that year.