1.  The Council shall keep proper accounts and records of the transactions and affairs of the Polytechnic including an assets register which shall record all the assets of the Polytechnic, whether purchased, donated or otherwise, and shall do all things necessary to ensure that all payments out of moneys of the Polytechnic 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.

2.  The accounts of the Polytechnic shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General (referred to in this Schedule as the auditor).

3.  The remuneration of the auditor shall be paid out of the funds of the Polytechnic.

4.  The Council shall, as soon as practicable after the close of each financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.

5.  The auditor shall report —

6.  The auditor shall state in his report whether —

7.  The auditor may at any other time report to the Minister through the Council any matter arising out of the performance of his audit.

8.  The auditor or any person authorised by him shall be entitled at all reasonable times to full and free access to all accounting and other records relating directly or indirectly to the financial transactions of the Polytechnic.

9.  The auditor or a person authorised by him may make copies of, or make extracts from, any such accounting and other records.

10.  The auditor or any person authorised by him may require any person to furnish him with such information which such person possesses or has access to as the auditor or any duly authorised person considers necessary for the purposes of the functions of the auditor under this Act.

11.  Any officer of the Polytechnic who refuses or fails without any reasonable cause to allow the auditor access to any accounting and other records of the Polytechnic in his custody or power or to give any information possessed by him as and when required or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 and in the case of a continuing offence to a further fine not exceeding $100 for every day or part thereof during which the offence continues after conviction.

12.  As soon as the accounts of the Polytechnic and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Chairman of the Council, together with a copy of any report thereon made by the auditor, shall be submitted to the Minister.

13.  Where the Auditor-General has not been appointed to be the auditor a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General at the same time as they are submitted to the Council.

14.  The Minister shall cause a copy of the audited financial statements and of the auditor’s report to be published in the Gazette and to be presented to Parliament.