7(1)It shall be the duty of the college council to keep proper accounts and other records.
(2)The accounts shall be prepared and audited in respect of the transitional period in such manner as the Secretary of State may direct and the accounts shall be submitted to the Secretary of State by the board of management of the college as soon as is practicable after the end of that period.
(3)The accounts of the college council shall be open to the inspection of the Comptroller and Auditor General.