Section 24: Accounts, records and audit.

(1) The Institute shall-
(a) keep proper and regular accounts and other records of money received and paid by the Institute and for other purposes for which money has been received or paid, and of its assets, credits and liabilities in respect of each year; and
(b) cause its accounts to be audited on or before 31st March of the following year to which the accounts relate, by a firm of auditors appointed from the approved list of auditors, and in accordance with guidelines supplied by the Auditor-General for the Federation.
(2) The Institute shall do all things necessary to ensure that all payments of its funds and bank account are correctly made and properly authorised and that adequate control is maintained over its assets.
(3) As soon as the accounts and the financial statements of the Institute have been audited in accordance with the requirement of this Act, the Institute shall forward a copy of the audited financial statements to the Minister together with any report or observations made by the auditors and the Auditor-General for the Federation on the statement of accounts.
(4) The remuneration of the auditor shall be paid out of the Fund of the Institute.