Section 21: Annual estimates, accounts and audit

(1) The Authority shall submit to the Minister, not later than 30 September in each year, an estimate of its expenditure and income during the next succeeding year.
(2) The Authority shall keep proper accounts and shall prepare in respect of each year a statement of audited accounts in such form as the Minister may direct.
(3) The Authority shall as soon as is possible after the end of the year to which the accounts relate cause its accounts to be audited by qualified auditors appointed by the Authority 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 accounts of the Authority for each year prepare and submit to the Authority the following two reports that is to say-
(a) a general report setting out the observations and recommendations of the auditors on the financial affairs of the Authority generally for that year and on any important matters which the auditors may consider necessary to bring to the notice of the Authority; and
(b) a detailed report containing the observations and recommendations of the auditors on all aspects of the operations of the Authority for the year.