(1) The Administrator shall keep books of account and proper records in relation to the accounts of the Common Fund in the form approved by the Auditor-General.

(2) The Administrator shall submit the accounts of the Common Fund to the Auditor-General for audit within three months after the end of the financial year.

(3) The Auditor-General shall, not later than three months after the end of the financial year, audit the accounts and forward a copy of the audit report to Parliament.