Section 15

The Board shall cause proper accounting and other records to be kept of the financial transactions of the Polytechnic 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 Polytechnic and over the expenditure incurred by the Polytechnic.

The Board shall, as soon as practicable after the close of each financial year, cause financial statements in respect of that year to be prepared and submitted to the auditor of the Polytechnic.