Section 11: Accounts and audit

(1) The Corporation shall keep proper accounts and proper records in relation thereto and shall prepare in respect of each financial year a statement of accounts in such form as the Minister may direct, being a form which shall conform with the best commercial standards.
(2) The Corporation shall as soon as may be after the end of the financial year to which the accounts relate cause its accounts to be audited by auditors appointed from the list of auditors and in accordance with the guidelines supplied by Auditor-General for the Federation.
(3) The auditors shall on the completion of the audit of the accounts of the Corporation for each financial year prepare and submit to the Corporation 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 generally for that year and on any important matters which the auditors may consider necessary to bring to the notice of the Corporation; and
(b) a detailed report containing the observations and recommendations of the auditors in detail on all aspects of the operations of the Corporation for that year.