Accounts and audit

(1) The Authority shall keep proper accounts and other records in relation to its business and shall prepare annually a statement of accounts in a form satisfactory to the Minister responsible for Finance, being a form which conforms with established accounting principles. (2) The accounts and records shall be kept and the annual statement prepared as far as possible in such a way as to provide separate information as respects each of the main functions or undertakings of the Authority and to show the financial and operating results in respect of each such function or undertaking. (3) The accounts of the Authority shall be audited by auditors appointed annually by the Authority with the approval of the Minister responsible for Finance. (4) Within four months after the end of each financial year or within such further time as may in special circumstances be allowed by the Minister responsible for Finance, the Authority shall send the statement of its account referred to in sub-section (1), to the said Minister together with a copy of any report made 18 by the auditors on that statement or on the accounts of the (5) The Auditor-General shall be entitled, on the direction of the Minister responsible for Finance, at all reasonable times to examine the accounts and other records in relation to the business of the Authority.