Section 24: Annual estimates, accounts and audit

(1) The Corporation shall submit to the Minister not later than 31 December in each financial year (or such other date as the Minister may appoint in respect of the first year of existence of the Corporation) an estimate of its expenditure and income during the next succeeding financial year.
(2) The Corporation shall keep proper accounts and proper records relating thereto and shall prepare in respect of each financial year a statement of accounts in such form as the Minister may direct.
(3) The Corporation 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 qualified auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(4) The auditors shall on completion of the audit of the Corporation for each financial year prepare and submit to the Corporation the following two reports, that is-
(a) a general report setting out the observations and the recommendations of the auditors on the financial affairs of the Corporation generally for that year and on any important matters which the auditor may consider necessary to bring to the notice of the Corporation; and
(b) a detailed report containing the observations and recommendations of the auditors on all aspects of the operations of the Corporation for that year.