Section 11: Annual estimates, accounts and audit.

(1) The Board shall cause to be prepared, not later than 31 October in each year, an estimate of the expenditure and income of the Institute during the next succeeding financial year and when prepared they shall be submitted to the President.
(2) The Board shall cause to be kept proper accounts and proper records in relation thereto and when certified by the Board, such accounts shall be audited as provided in subsection (3) of this section.
(3) The accounts of the Institute shall be audited as soon as may be after the end of each financial year by auditors appointed from the list of auditors and in accordance with the guidelines supplied by the Auditor-General for the Federation (after consultation with the Minister for Finance), by the Board with the approval of the President, and the fees of the auditors and the expenses of the audit generally shall be paid from the funds of the Institute.