Section 16: 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 in Nigeria appointed annually from the list of auditors and in accordance with the guidelines supplied by the Auditor-General for the Federation of the Council of Ministers.
(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 general report setting out the observations and recommendations of the auditors on the financial affairs of the Corporation for that year and on any other important matters which the auditors may consider necessary to bring to the knowledge of the general public; and
(b) a detailed report containing the observations and recommendations of the auditors on all aspects of the operations of the Corporation for that year.