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(1) The Local Content Committee shall keep books of account and proper records in relation to them in the form approved by the Auditor-General.

(2) The Commission shall submit the accounts of the 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 receipt of the accounts, audit the accounts and forward a copy of the audit report to the Minister.

(4) The financial year of the Fund is the same as the financial year of the Government.