Clause 16

The Council shall keep proper accounts and other records of the Institute and shall prepare in respect of each financial year a statement of the accounts of the Institute in the form approved by the Minister.

The accounts of the Institute shall be audited by a qualified auditor appointed by the Council with the approval of the Minister and such auditor shall make a report on the accounts examined by him.

As soon as the accounts of the Institute have been audited in accordance with subsection (2) of this section, a copy of the accounts together with the copy of the report made by the auditor shall be submitted to the Minister, who shall present to Parliament a copy of every such statement and report.