Section 16: Annual estimates, accounts and audit.

(1) The Board shall cause to be prepared not later than 30 September in each year, an estimate of the expenditure and income of the College during the next succeeding financial year and when prepared, they shall be submitted through the Minister for approval by 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 College shall be audited as soon as directed, or within six months after the end of each financial year by auditors appointed from the list of qualified auditors and in accordance with the guidelines supplied by the Auditor-General for the Federation by the Board and the fees of the auditors and expenses for the audit generally shall be paid from funds of the College.