Section 10: Accounts and audit (As Amended by Section 10 of The Industrial Training Fund (Amendment) Act 2011)

(1)
The Council shall keep proper accounts and proper records in relation thereto, and shall prepare in respect of each financial year a statement of accounts in accordance with the relevant laws of the Federal Republic of Nigeria.
(2)
The Council shall as soon as may be after the end of the financial year to which the accounts relate cause the accounts to be audited by auditors appointed from a list and in accordance with the guidelines prepared by the Auditor-General for the Federation by the Council with the approval of the Minister.
(3) The auditors shall on the completion of the audit of the accounts of each financial year prepare and submit to the Council a report setting out their observations and recommendations on all aspects of the accounts of the Council for that year; and the Council shall forward a copy of the report to the Minister.