Accounts and audit

(1) The Board shall keep proper accounts of all its financial transactions, of assets and liabilities, and a complete record of all other matters relating to its finances and shall prepare annually a statement of accounts in a manner satisfactory to the Minister and in conformity with sound commercial practice. (2) The accounts of the Board shall be audited annually by an auditor or auditors appointed by the Minister. (3) The auditor of the Board shall be supplied with a copy of the annual balance sheet of the Board, and it shall be his duty to examine the balance sheet together with accounts and vouchers of the Board and shall be entitled to inquire from the members and the officers of the Board such information and explanation as may be necessary for the performance of his (4) The auditor of the Board may, if he so desires, make a continuous audit of the accounts of the Board. (5) The auditor of the Board shall make a written report upon the annual balance sheet and accounts of the Board. (6) Copies of the report of the auditor shall be transmitted by him to the Board and to the Minister. (7) Notwithstanding anything contained in this section, the Minister may in his discretion, at any time require the Auditor General to examine the report on the accounts as well as the accounts of the Board, in which event the Board shall afford the Auditor General with all facilities for examination as he may require. 12 (8) All the expenses incurred for the purpose of auditing shall be paid out of the funds of the Board.