The Authority and the Board shall respectively keep such accounts with respect to grants made by them under section 44 or 45 of this Act as may be directed by the Ministers with the approval of the Treasury, and shall prepare in respect of each financial year a statement of the accounts in such form and giving such information as may be so directed.

The said accounts for each financial year shall be audited (in accordance with a scheme of audit approved by the Ministers), and the statements certified, by the persons appointed in respect of that year to audit the other accounts of the Authority or the Board, as the case may be ; and the auditors shall be furnished by the Authority and the Board with copies of their respective statements.

The auditors shall in each case furnish the Ministers with copies of the said statement of accounts together with their report thereon, and the copies and the report shall be sent by the Ministers to the Comptroller and Auditor-General not later than 30th September following the end of the financial year to which the accounts relate.

The Comptroller and Auditor-General shall examine the said statements of accounts and the reports sent to him under subsection (3) above and may inspect the accounts kept by the Authority or the Board with respect to grants made by them under section 44 or 45 of this Act, and shall certify each statement and lay a copy of it together with his report thereon before Parliament.