Section 22: Accounts and audit

(1) The Corporation shall keep proper accounts and proper records in relation thereto and shall, in respect of each financial year, prepare a balance sheet, a profit and loss account, revenue accounts, and other statements and abstracts in accordance with the requirements of the Insurance Act.
(2) The accounts of the Corporation shall be audited by auditors appointed from the list of auditors and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(3)
The auditors shall, on completion of the audits of the accounts of the Corporation for each financial year, prepare and submit to the Board, the following two reports, that is to say-
(a) a report (elsewhere in this Act referred to as "the general report"), which shall set out general observations and recommendations of the auditors, on the financial affairs of the Corporation for that year and on any important matters which the auditors may consider necessary, to bring to the knowledge of the general public; and
(b) a detailed report (elsewhere in this Act referred to as "the full report"). which shall set out detailed observations and recommendations of the auditors on all aspects of the operations of the Corporation for that year.