Accounts and audits

(1) The EDC shall keep accounts and other records in relation to its business and shall prepare annually a statement Enterprise Development Center [CAP. 279:01 21 of accounts in accordance with the generally accepted accounting principles. (2) The EDC shall, with the approval of the Minister of Finance, open and maintain, at such bank as it may from time to time determine, accounts for the funds of the EDC. (3) All accounts of the EDC shall be audited annually by an auditor appointed by the Board, with the approval of the Minister of Finance.