Section 17, The Polytechnics Act, 2001

(1) A polytechnic institution shall keep proper books of accounts and proper records in relation to the accounts and shall prepare, within a period of three months after the end of the financial year, a statement of its accounts in such form as the Auditor-General may direct. No. 9 Polytechnics Act 2001 23 (2) The books and accounts of the polytechnic institution shall each year be audited by the Auditor-General or an auditor appointed by him and a report on the audit shall be submitted to the Council. [Margin: Annual Report.]