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(1)An industrial training board shall keep proper accounts and other records in relation to the accounts and prepare in respect of each of its financial years a statement of account in such form as the Minister may, with the approval of the Treasury, determine.
(2)The accounts of an industrial training board shall be audited by auditors appointed by the board and no person shall be qualified to be so appointed unless he is a member of one or more of the following bodies:—
(a)the Institute of Chartered Accountants in England and Wales;
(b)the Institute of Chartered Accountants of Scotland ;
(c)the Association of Certified and Corporate Accountants ;
(d)the Institute of Chartered Accountants in Ireland;
(e)any other body of accountants established in the United Kingdom and for the time being recognised, for the purposes of paragraph (a) of section 161(1) of the Companies Act 1948, by the Board of Trade ;
but a Scottish firm may be so appointed if each of the partners is qualified to be so appointed.
(3)An industrial training board shall for each of its financial years make a report of its activities to the Minister and that report shall include a statement of the accounts of the board for that year together with a copy of any report made by the auditors on the accounts.
(4)The Minister shall lay a copy of every such report before Parliament.
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