31.—(1) The accounts of the Institute shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General.
(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 remuneration of the auditor shall be paid out of the funds of the Institute.
(4) The Institute 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 in his report state —
(a)
whether the financial statements show fairly the financial transactions and the state of affairs of the Institute;
(b)
whether proper accounting and other records have been kept including records of all assets of the Institute whether purchased, donated or otherwise;
(c)
whether the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Institute during the year have been in accordance with the provisions of this Act; and
(d)
on such other matters arising from the audit as he considers should be reported.
(6) The auditor may at any other time report to the Minister through the Board upon any matter arising out of the performance of his audit.