Section 9: Account and Audit.

(1) The Board shall keep proper accounts in respect of each year and proper records in relation to those accounts and shall cause to be prepared in each year-
(a) a statement showing the income and expenditure of the Institute for immediately preceding year; and
(b) a statement of the assets and liabilities of the Institute as at the last day of the immediately preceding year.
(2) The Board shall cause every statement prepared under this section to be audited within six months after the end of the year to which the statement relates by auditors appointed from the list, and in accordance with the guidelines, supplied by the Auditor-General for the Federation.