(1) The Board shall keep books of account and proper records in relation to them and the books of account and records shall be in a form approved by the Auditor-General.

(2) The books of account of the Fund shall be audited by the Auditor-General or by an auditor appointed by him, within three months after the end of each financial year.

(3) In addition to the annual audit, technical audits shall be conducted on a selective basis by the Auditor-General or by an auditor appointed by the Auditor-General on the recommendations of the Board.