Audit of accounts
27.—(1)  The accounts of the College shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General (referred to in this Act as the auditor).
(2)  A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor under the Companies Act (Cap. 50).
(3)  The College shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that financial year to the auditor who shall audit and report on them.
(4)  The auditor shall in his report state —
(a)whether the financial statements show fairly the financial transactions and the state of affairs of the College;
(b)whether proper accounting and other records have been kept, including records of all assets of the College whether purchased, donated or otherwise;
(c)whether the receipts, expenditure and investment of funds and the acquisition and disposal of assets by the College during the financial year were in accordance with this Act; and
(d)such other matters arising from the audit as he considers necessary.
(5)  The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the College.
(6)  The auditor shall submit such periodical and special reports to the Minister and to the College as may appear to him to be necessary or as the Minister or the College may require.