Section 11Sec./Art. 11

Reporting Requirements and Auditing of Accounts. -The Board shall submit to the Commission on Audit (COA), Department of Budget and Management (DBM), and Congress a detailed report on the progress, condition, and needs of the NAS System containing, among others, the financial statements, statement of assets and liabilities, other revenue sources and program for expedintures, physical and financial accountability reports, and other similar reportorial requirements on or before the fourteenth (14th) day of February of each year. All accounts and expenses of the NAS System shall be audited by the COA or its duly authorized representative.