Section 25: Records, Accounts and Audit.

(1) The Council shall keep proper records and accounts of its activities and shall cause to be prepared, not later than 1st October in each, financial year, an estimate of its revenue and expenditure for the next financial year and when prepared, the estimates shall be submitted to the Minister for approval.
(2) At the end of each financial year but not later than 30th June, the Council shall cause to be prepared a statement of its income and expenditure during the previous financial year.
(3) The statement referred to in subsection (2) shall, when certified by the Rector, be audited by a firm of auditors appointed by the Council from a list of four firms in accordance with the guidelines supplied by the Auditor-General for the Federation and shall be published in the annual report of the College.