(1) The Service shall keep proper books of account and proper records in relation thereto and the account books and records of the Service shall be in such form as the Auditor-General may approve.

(2) The Service shall keep separate records and accounts for:

(a) taxes and penalties collected and paid into the Consolidated Fund;

(b) funds provided for the administration of the Service. [As amended by the Revenue Agencies (Retention of Part of Revenue) Act, 2002 (Act 628), s.2(1)].

(3) The financial year of the Service shall end on 31st day of December in each year.

(4) The books and accounts of the Service shall each year be audited by the Auditor-General.

(5) The Auditor-General shall forward a copy of the Report to the Council within three months of the end of each financial year.