Section 14: Annual estimates, accounts and audit

(1) The Council shall cause to be prepared, not later than six months before the end of each year or such other time as the Minister may direct, an estimate of the expenditure and income of the Institute during the next succeeding year, and when prepared they shall be submitted through the Minister for approval by the President.
(2)
The Council shall cause to be kept proper accounts and proper records in relation thereto and when certified by the Council 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 year by auditors appointed from the list of auditors and in accordance with the guidelines issued 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 funds of the Institute.