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.