25(1)The Distributor shall—E+W+S
(a)keep proper accounting records, and
(b)prepare a statement of accounts in respect of each financial year.
(2)The Distributor shall send a copy of a statement under sub-paragraph (1)(b)—
(a)to the Secretary of State, and
(b)to the Comptroller and Auditor General.
(3)A copy of a statement must be sent under sub-paragraph (2) within such period, beginning with the end of the financial year to which the statement relates, as the Secretary of State may, with the consent of the Treasury, direct.
(4)The Comptroller and Auditor General shall—
(a)examine, certify and report on a statement received under this paragraph, and
(b)lay a copy of the statement and his report before Parliament.