The Corporation shall keep proper accounts and proper records in relation to the accounts, and shall prepare in respect of each financial year a statement of accounts in such form as the Secretary of State, with the consent of the Treasury, may direct, being a form conforming with the best commercial standards.

The accounts of the Corporation shall be audited by auditors to be appointed annually by the Secretary of State.

No person shall be appointed under subsection (2) above unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.

So soon as the accounts of the Corporation for any financial year have been audited, the Corporation shall send to the Secretary of State a report on the discharge of its functions during that year and that report shall include a copy of the statement of accounts for that year together with a copy of any report made by the auditors on the accounts.

The Secretary of State shall lay before Parliament copies of every report by the Corporation on the discharge of its functions which is sent to him under subsection (4) above.

M1Section 6 of the National Audit Act 1983 (which enables the Comptroller and Auditor General to conduct examinations into the economy, efficiency and effectiveness with which certain departments, authorities and bodies have used their resources) shall apply to the Corporation.

In this section (as in section 5 above) “financial year” means the period of twelve months ending with 31st March.