Section 12: Annual estimate and accounts.

(1) The Commission shall, not later than 30th September in each year, submit to the President an estimate of its expenditure and income (including estimates of expected payments into the fund of the Commission) during the next succeeding year.
(2) The Commission shall keep proper accounts in a form which conforms to accepted accounting standards, and proper records in relation thereto and the accounts shall be audited as provided in subsection (3) of this section.
(3) The accounts of the Commission shall be audited at the end of each calendar year by auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation and the fees of the auditors and the expenses for the audit generally shall be paid from the fund of the Commission.