(1) For the purposes of an annual audit under section 49 or 50—
(a) the Auditor-General and any person assisting the Auditor-General has, with respect to the accounts of the limited company or other company, as the case requires, all the powers conferred on the Auditor-General by any law relating to the auditing of public accounts;
(b) the limited company or other company, as the case requires, must within 3 months after the company's accounts are balanced cause a statement of accounts to be prepared and submitted to the Auditor-General;
(c) the statement of accounts must—
(i) be prepared in the manner and in the form approved by the Minister administering Part 7 of the Financial Management Act 1994 ; and
(ii) present fairly the financial transactions of the limited company or other company during the year and the financial position of the company at the end of the year;
(d) the Auditor-General must forward to the Minister administering Part 7 of the Financial Management Act 1994 a copy of the audited annual accounts.
(2) Without limiting subsection (1)(a) or any powers of the Auditor-General under the Audit Act 1994 , the Auditor-General and any person assisting the Auditor-General—
(a) has right of access at all times to the books, securities, accounts and vouchers of the limited company or other company; and
(b) may require from an officer or employee of the limited company, other company or the University any information, assistance and explanations necessary for the performance of the duties of the Auditor-General or person in relation to the audit.
(3) The University must pay to the Consolidated Fund an amount to be determined by the Auditor-General to defray the costs and expenses of an audit under section 49 or 50.
(4) Sections 49 and 50 do not apply to any limited company or other company of which the University has ceased to be a member before the last preceding annual audit.