18(1)It shall be the duty of the Council—
(a)to keep proper accounts and proper records in relation to the accounts;
(b)to prepare in respect of each financial year of the Council a statement of accounts in such form as the Secretary of State may direct with the approval of the Treasury; and
(c)to send copies of the statement to the Secretary of State and to the Comptroller and Auditor General before the end of the month of August next following the financial year to which the statement relates.
(2)The Comptroller and Auditor General shall examine, certify and report on each statement received by him in pursuance of this paragraph and shall lay copies of each statement and of his report before each House of Parliament.
(3)In this paragraph “financial year” means the period beginning with the date on which the Council is established and ending with the second 31st March following that date, and each successive period of twelve months.