Accounts and audit
16.—(1) The Corporation shall keep proper accounts and other records in relation to them.
(2) The accounts and records shall show, in respect of the financial year to which they relate, a true and fair view of the Corporation’s activities.
(3) The Corporation shall prepare in respect of each financial year a statement of accounts complying with any requirement which the Department has (with the approval of the Department of Finance and Personnel) notified in writing to the Corporation relating to—
(a)the information to be contained in the statement;
(b)the manner in which the information is to be presented; and
(c)the methods and principles according to which the statement is to be prepared.
(4) Subject to any requirement notified to the Corporation under sub-paragraph (3), in preparing any statement of accounts in accordance with that sub-paragraph the Corporation shall follow, with respect to each of the matters specified in heads (a) to (c) of that sub-paragraph, such course as may for the time being be approved by the Department with the consent of the Department of Finance and Personnel.
17.—(1) The Corporation’s accounts and statements of accounts shall be audited by an auditor to be appointed annually by the Department in relation to the Corporation.
(2) A person shall not be qualified for appointment under sub-paragraph (1) unless he is qualified for appointment as auditor of a company under Article 397 of the Companies (Northern Ireland) Order 1986(1).
(3) A person shall not be qualified for appointment under sub-paragraph (1) if the person is—
(a)a member, officer or servant of the Corporation,
(b)a partner of, or employed by, a member, officer or servant of the Corporation, or
(c)a body corporate.
18. As soon as the accounts and statement of accounts of the Corporation for any financial year have been audited, the Corporation shall send to the Department a copy of the statement, together with a copy of any report made by the auditor on the statement or on the accounts.