Section 16: Accounts and audit.

(1)
The Agency shall keep proper and regular accounts and other records of monies received and paid by the Agency and of the several purposes for which the monies have been received or paid, and of its assets, credits and liabilities.
(2)
The Agency shall do all things necessary to ensure that all payments out of its funds and bank accounts are correctly made and properly authorised and that adequate control is maintained over the assets in its custody and over the expenditures incurred by the Agency.
(3)
The Council shall cause the accounts of the Agency to be audited quarterly and shall be externally audited once every year.
(4)
The Auditor-General of the Federation shall -
(a)
inspect and audit the accounts and records of financial transaction of the Agency ;
(b)
inspect records relating to assets of the Agency ; and
(c)
draw the attention of the Minister to any irregularity disclosed by the inspection and audit.
(5)
The Auditor-General may dispense with all or any part of the detailed inspection and audit of any account or record referred to in section 16(3) of this Act.
(6)
The Auditor-General or an officer authorized by him is entitled at all reasonable time to a full and free access to all accounts, records, documents and papers of the Agency relating directly or indirectly to the receipt or payment of money by the Agency or to the acquisition, receipt, custody or disposal of assets by the Agency.
(7)
As soon as the accounts and the financial statements of the Agency have been audited in accordance with the requirement of this Act, the Council shall forward a copy of the audited financial statements to the Minister for onward transmission to the National Assembly, together with any report or observation made by the auditors and the Auditor-General on the statement of accounts.
(8)
The audited accounts of the Agency and the Auditor-General's report on those accounts shall form part of the Auditor-General's overall annual report to the National Assembly.