Section 35: Accounts and Audits

(1)
The financial year of the Commission shall start on the 1st day of January of each year and end on the 31 st day of December of the same year or any such time as may be prescribed by Financial Regulations issued by the Federal Government of Nigeria, from time to time.
(2)
The Commission shall keep proper accounts and records of its receipts, payments, assets and liabilities in respect of each year in manual and electronic devices and shall cause the accounts to be audited within three months from the end of each financial year by an auditor appointed from the list and in accordance with guidelines issued by the Auditor- General for the Federation.
(3)
An auditor appointed pursuant to sub-section (2) of this section shall have access to all records relating to the accounts which are kept by the Commission or its agents and shall have the power to require from any employee or agent of the Commission such information and explanation as in the auditor's opinion are necessary for the purpose of the audit.
(4)
Any employee or agent of the Commission who fails, without reasonable cause, to comply with a request or instruction of an auditor pursuant to sub-section (3) of this section shall be guilty of an offence and is liable on conviction to a fine of N500,000.00 or 6 months imprisonment or both fine and imprisonment.