19.—(1) The accounts of the Polytechnic 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.
(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 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.
(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 Polytechnic;
(b)
whether proper accounting and other records have been kept, including records of all assets of the Polytechnic whether purchased, donated or otherwise;
(c)
whether the receipts, expenditure, and investment of moneys and the acquisition and disposal of assets by the Polytechnic during the financial year were in accordance with the provisions of this Act; and
(d)
such other matters arising from the audit as he considers necessary.