Paragraph 15 Accounts and audit of accounts
The Corporation shall—
keep proper accounts and proper records in relation to the accounts; and
prepare a statement of accounts for each financial year of the Corporation.
The statement shall—
give a true and fair account of the state of the Corporation’s affairs at the end of the financial year and of its income and expenditure in the financial year. The statements shall also comply with any requirements or directions of any funding agency funding the institution from time to time.
The accounts and the statement of accounts shall be audited by external auditors appointed by the Corporation in respect of each financial year.
The Corporation shall not appoint persons as external auditors in respect of any financial year if those persons are already appointed as internal auditors under article 14.
The “financial year” means the first financial year and, except as provided for in article 15(7), each successive period of twelve months.
The “first financial year” means the period from the date the Corporation was established up to 31st July following that date.
lf the Corporation is dissolved—
the last financial year shall end on the date of dissolution; and
the Corporation may decide that what would otherwise be the last two financial years, shall be a single financial year for the purpose of this article.