| (a) | keep books and records of income, expenditure, assets and liabilities; |
| (b) | prepare financial statements within six months of the end of the financial year, including at least— |
[Words preceding section 57(1)(b)(i) substituted by section 34 of Notice No. 21, GG 40548, dated 17 January 2017]
| (i) | a statement of income and expenditure for the previous year; |
| (ii) | a balance sheet as at the end of the previous year, and |
| (iii) | any other information the registrar may reasonably require. |
| (2) | Every private higher education institution must, within the period determined by the registrar— |
| (a) | ensure an annual audit of its books, records of account and financial statements by an auditor, who must conduct the audit in accordance with generally accepted auditing standards; |
| (b) | provide to the registrar certified copy of the auditor’s report in respect of the financial statements referred to in subsection (1); and |
| (c) | provide to the registrar any additional information, particulars or documents in the manner determined by the registrar. |
