(1) The Commission shall keep accurate and proper accounts and records of all transactions in accordance with recognized accounting standards, principles and practices and shall ensure that all payments out of the funds of the Commission are properly authorised and correctly made and that adequate control is maintained over the incurring of expenditure.
(2) The Accounts of the Commission shall be audited annually by the Director of Audit or by an auditor authorised by the Director of Audit for such purpose.