Section 20: Statement of Account and Audit

(1) The Agency shall keep proper and regular accounts and other records of monies received and paid by the Agency and of several purposes for which such monies have been received or paid: and of the assets, credits and liabilities.
(2) The Agency shall do all things necessary to ensure that all payments out of its money are correctly made and properly authorized and that adequate control is maintained over the assets of, or in custody of, that Agency and over the expenditure incurred by that Agency.
(3) The accounts of the Agency shall be audited annually by a firm of auditors appointed from the list of chartered accountants approved from time to time by the Board of the Agency.
(4) A firm shall not be qualified for appointment as Auditors under subsection (3) of this section unless it is an approved company auditor under the companies and Allied Matters Act and any other applicable laws.
(5) As soon as the accounts of the Agency and the financial statements have been audited in accordance with this Act, the Agency shall forward a copy of the audited financial statements to the Minister, together with any report or observations made by the auditor or auditors on the said statement of account.
(6) The remuneration of the auditor shall be paid out of the funds of the Agency.
(7) The Agency shall, not later than 3 months after the close of the financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.