(1) A statutory body shall —
(a) be subject to the financial oversight of, and be accountable to the responsible Minister, accounting officer, and any other person or entity designated by the Minister;
(b) have the same financial year as the Government;
(c) maintain proper accounting records consistent with internationally accepted accounting principles and standards for the purpose of recording all transactions relating to its undertakings, funds, activities and property;
(d) submit, on the request of the Minister, reports and other information required under this Act;
(e) submit estimates of revenue and expenditure for 2 subsequent financial years for approval of the Minister.
(2) Notwithstanding subsection (1), the Minister shall, in consultation with the responsible Minister, prescribe specific responsibilities as it relates to public finance management of the board or controlling body of a statutory body.