Section 8: Estimate report, accounts and audit.

(1) The Council shall prepare and inform the Minister, not later than 31 October of the year in which this Act comes into effect (so however that for that year the Minister may, if he considers it necessary, extend the period and in each subsequent year) an estimate of its expenditure and income during the next succeeding financial year.
(2) The Council shall keep proper accounts in respect of each financial year and proper records in relation to those accounts, and shall cause the accounts to be audited after the end of each financial year to which the accounts relate by a firm of auditors appointed, with respects to that year, from the list and in accordance with guidelines supplied by the Auditor-General for the Federation.
(3) The Council shall prepare and inform the Minister, not later than 12 months after its establishment and once in each year thereafter, a report on the activities of the Council during the last preceding financial year and shall include in the report a copy of the audited accounts of the Council for that year and of the auditors' report on the accounts.