Section 19: Accounts and audit

(1) The board of an institute shall keep proper accounts and other records in relation thereto and shall prepare in respect of each financial year a statement of accounts in such form as the Minister may require.
(2) The accounts of the board of an institute shall be audited by auditors to be appointed annually by the board from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(3) As soon as the accounts of the board of an institute have been audited, the board shall furnish a copy of the statement of accounts to the Minister, together with a copy of any report made by the auditors on that statement or on the accounts of the board.
(4) The Minister shall submit a copy of every such statement of accounts and report to the President.