208 (e) 03) (3) fines and other monies collected pursuant to penalties imposed under this Act; and grants, contributions or endowments from any other source. of its The Authority shall expend its revenues to meet the cost developoperations and shall use any surplus accrued for the promotion and ment of the communications sector. (4) in The Authority shall keep proper account of its operations (5) The Auditor General shall appoint an independent and quali- compliance with international accounting standards. ty. fied auditing firm to audit annually the accounts of the Authori (6) The Authority shall (a) submit its statements of account to the auditing firm within 90 days after the end of its financial year; (b) cooperate fully with, and provide any additional infor- (c) submit the report of the auditing firm to the Minister in a timely manner; and (d) make publicly available the statement of accounts of the Authority and the report of the auditing firm. mation requested by the auditing firm; Liability insurance The Authority may contract with an insurance company or other body 17. for liability insurance. Annual Report l The Authority shall, within 6 months of the end of its financia () 18. er. Minist to the year, submit a comprehensive annual report on its operations,