(1)The Commission shall—
(a)keep proper accounts of all sums received or paid by it and proper records in relation to those accounts;
(b)prepare in respect of each financial year a statement of accounts giving a true and fair view of the state of affairs and the income and expenditure of the Commission; and
(c)prepare in respect of each financial year an annual report relating to the discharge of its functions under this Act.
(2)The Commission’s accounts for each financial year shall be audited by an auditor or auditors appointed by the Commission; and no person shall be eligible to be appointed as an auditor under this section unless he is eligible under Part II of the Companies Act 1989 (c. 40) for appointment as an auditor for a company (not being an unquoted company).
(3)As soon as practicable after the completion of the audit, the secretary of the Commission shall forward to the officer appointed for that purpose by the Council a copy of the audited accounts and of any report to the Commission made by the auditor.
(4)Any member of the public may at any reasonable time and without charge inspect the audited accounts for the last three financial years for which audited accounts have been prepared.
(5)As soon as practicable after the preparation of the statement of accounts and the annual report under subsection (1)(b) and (c) above the Commission shall—
(a)forward a copy of the statement of accounts and the report to the officer appointed for that purpose by the Council; and
(b)make a copy of the statement of accounts and the report available for inspection by the public at each principal public library in the area of the Council.