Paragraph 20 Accounts and audit of accountsI1

The Corporation shall—

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 statement 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 19.

The “financial year” means the first financial year and, except as provided for in paragraph (7), each successive period of twelve months.

The “first financial year” means the period from the date the Corporation was established up to the first 31st July following that date.

If the Corporation is dissolved—