38Board's accounts and reports
(1)A scheme under this Part of this Act shall provide—
(a)for the establishment of a Fund, the payment into the Fund of all moneys received by the Board and the payment thereout of all their disbursements;
(b)for the keeping by the Board of proper accounts, the audit of the accounts by an auditor approved by the Ministers and the submission of the audited accounts in every year by the Board to the Ministers together with the report of the Board's proceedings made under subsection (5) below ; and
(c)for the submission to the Ministers of such audited statements as they may from time to time require with respect to the application of advances under section 7 of the [1953 c. 17.] White Fish and Herring Industries Act 1953 or section 35 of this Act.
(2)The audit of the Board's accounts as aforesaid shall be carried out in accordance with such directions as may be given by the Ministers.
(3)The said statements shall be transmitted to the Comptroller and Auditor-General, who shall lay copies thereof before both Houses of Parliament together with the report and accounts mentioned in section 37(5) of this Act.
(4)No person shall be qualified to be appointed auditor unless he is a member of one or more of the following bodies:—
The Institute of Chartered Accountants in England and Wales;
The Institute of Chartered Accountants of Scotland;
The Association of Certified and Corporate Accountants.
(5)The Board shall also, not later than the expiration of three months from the last day of each financial year of the Board, make a report to the Ministers on the proceedings of the Board during that year, and the Ministers shall lay every such report before Parliament; but no information with respect to any individual business (other than a business carried on by or on behalf of the Board) shall, without the consent of the owner of that business, be included in any report so laid.