(1)The Scheme must include provision for such person as the Secretary of State considers appropriate to make a report to the Secretary of State as soon as possible after the end of each financial year on the operation of the Scheme during that year.
(2)The Secretary of State must lay a copy of every such report before Parliament.
(3)The Scheme must also include provision—
(a)for such person as the Secretary of State considers appropriate—
(i)to keep proper accounts and proper records in relation to the accounts;
(ii)to prepare a statement of accounts in each financial year in such form as the Secretary of State may direct;
(b)requiring such a statement of accounts to be submitted to the Secretary of State at such time as the Secretary of State may direct.
(4)Where a statement of accounts is submitted to the Secretary of State, the Secretary of State must send a copy of it to the Comptroller and Auditor General as soon as is reasonably practicable.
(5)The Comptroller and Auditor General must—
(a)examine, certify and report on any statement of accounts received under subsection (4);
(b)lay copies of the statement and of the report made under paragraph (a) before Parliament.
(6)In this section “financial year” means the period beginning with the day on which this section comes into force and ending with the following 31st March and each successive period of 12 months.