Section 14: Accounts, records and audit.

(1) The Council shall keep proper and regular accounts and other records of money received and paid by the Council and the purposes for which money was received or paid, and of its assets, credits and liabilities in respect of each year and shall cause its accounts to be audited on or before 31 March of the following year to which the accounts relate, by a firm of auditors appointed from the approved list of auditors, and in accordance with guidelines, supplied by the Auditor-General for the Federation.
(2) The Council shall do all things necessary to ensure that all payment of its funds and bank accounts are correctly made and properly authorised and that adequate control is maintained over its assets.
(3) Where the accounts and the financial statements of the Council have been audited in accordance with the requirement of this Act, the Council shall immediately forward a copy of the audited financial statements to the Minister together with any report or observations made by the auditors and the Auditor-General for the Federation on the statement of accounts.
(4) The remuneration of the auditor shall be paid out of the Fund of the Council.