16(1)The Organisation shall keep proper accounts and records in relation to the accounts.U.K.
(2)The Organisation shall prepare in respect of each financial year a statement of accounts.
(3)The statement shall be in such form, and shall contain such information, as the Secretary of State may, with the consent of the Treasury, direct.
(4)The Organisation shall send copies of the statement to the Secretary of State and to the Comptroller and Auditor General within such period after the end of the financial year to which the statement relates as the Secretary of State may direct.
(5)The Comptroller and Auditor General shall examine, certify and report on each statement received by him in accordance with this paragraph and shall lay copies of the statement and his report before each House of Parliament.
(6)In this paragraph “financial year” means the period of twelve months ending with 31st March; but the first financial year shall be the period beginning with the establishment of the Organisation and ending with the next 31st March.