2.—(1) The Board shall—
(a)maintain proper accounts and other records relating to accounts in accordance with directions of the Secretary of State; and
(b)prepare in respect of each accounting period a statement of accounts in such form as the Secretary of State with the approval of the Treasury may direct and submit it to the Secretary of State at such time as he may direct.
(2) The Secretary of State shall, on or before 30th November in any year, send to the Comptroller and Auditor General the statement of accounts prepared by the Board under this paragraph for the accounting period last ended.
(3) The Comptroller and Auditor General shall examine, certify and report on the statement of accounts sent to him under this paragraph and shall lay copies of the statement of accounts and of his report thereon before each House of Parliament.
(4) In this paragraph “accounting period” means the period of 12 months ending on 31st March in any year except that the first accounting period shall, if the Secretary of State with the approval of the Treasury so directs, be such period shorter or longer than 12 months (but not longer than two years) as is specified in the direction; and “Comptroller and Auditor General” has the meaning assigned to it by Schedule 1 to the Interpretation Act 1978F1.