Section 7
SEC. 7. The grantee, its successors or assigns, shall keep a separate account of the gross receipts of the business transacted by it in the Philippine Islands and shall furnish to the Insular Auditor and the Insular Treasurer a copy of such account not later than the thirty-first day of January of each year for the preceding year. For the purpose of auditing accounts so rendered to the Insular Auditor and Insular Treasurer all of the books and accounts of the grantee, its successors or assigns, so far as they relate to the business transacted in the Philippine Islands, shall be kept in the Philippine Islands, and shall be subject to the official inspection of the Insular Auditor, or his authorized representatives, and in the absence of fraud or mistake the audit and approval by the Insular Auditor of the accounts so rendered to him and to the Insular Treasurer shall be final and conclusive evidence as to the amount of said gross receipts.