Paragraph 16 Accounts and audit
The Board shall—
keep proper accounts and proper records in relation to the accounts; and
prepare in respect of each accounting year a statement of accounts which gives a true and fair account of the state of the Board’s affairs at the end of the accounting year and of the Board’s income and expenditure in the accounting year.
The statement of accounts shall comply with any directions given by the Secretary of State as to—
the information to be contained in the statement,
the manner in which that information is to be presented,
the methods and principles according to which the statement is to be prepared.
The accounts of the Board shall be audited by persons appointed for the purpose for each accounting year by the Secretary of State.
A copy of any accounts of the Board audited under sub-paragraph (3) and of the report made on those accounts by the persons appointed to audit them shall be sent to the Secretary of State as soon as reasonably practicable after the report is received by the Board; and the Secretary of State shall lay before Parliament a copy of any accounts or report sent to him under this sub-paragraph.