Section 16

The Institute shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Institute and over the expenditure incurred by the Institute.

The Institute shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor of the Institute.[15