Functions of the Board
8Reports and accounts
1
The Board shall keep proper accounts and other records in relation to the accounts and prepare in respect of each of its financial years a statement of account in such form as the Ministers may, with the approval of the Treasury, determine.
2
The accounts of the Board shall be audited by auditors appointed by the Board and no person shall be qualified to be so appointed unless he is a member of one or more of the following bodies: —
a
the Institute of Chartered Accountants in England and Wales;
b
the Institute of Chartered Accountants of Scotland ;
c
the Association of Certified Accountants ;
d
the Institute of Chartered Accountants in Ireland ;
e
any other body of accountants established in the United Kingdom and for the time being recognised, for the purposes of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948, by the Secretary of State ;
but a Scottish firm may be so appointed if each of the partners is qualified to be so appointed.
3
The Board shall for each of its financial years make a report of its activities to the Ministers and that report shall include a statement of the accounts of the Board for that year together with a copy of any report made by the auditors on the accounts.
4
The Ministers shall lay a copy of every such report before Parliament.