The Corporation shall keep proper accounts and other records in relation to the accounts, and shall prepare in respect of each financial year of the Corporation a statement of accounts in such form as the Minister may with the approval of the Treasury direct, being a form which shall conform with the best commercial standards.

The form of the accounts kept and of the statement prepared under subsection (1) above shall be such as to secure the provision of separate information as respects each of the main activities of the Corporation.

The accounts of the Corporation shall be audited by auditors to be appointed annually by the Minister; and no person shall be qualified to be so appointed unless he is a member of one or more of the following bodies, namely,—

• The Institute of Chartered Accountants in England and Wales;

• The Institute of Chartered Accountants of Scotland;

• The Association of Certified Accountants;

• The Institute of Chartered Accountants in Ireland.

So soon as the accounts of the Corporation for any financial year of the Corporation have been audited, it shall send a copy of the statement of accounts prepared in respect of that year to the Minister together with a copy of any report made by the auditors on the statement or on the accounts.

The Minister shall lay a copy of every such statement and report before each House of Parliament.