(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 such form as the Auditor-General may approve.

(2) The books of account of the Fund shall be audited by the Auditor-General or by an auditor appointed by him within 3 months after the end of each financial year.

(3) Without prejudice to subsection (2) of this section, an audit report on the Fund shall specify whether in the opinion of the Auditor-General-

(a) proper books of accounts have been kept in respect of the Fund;

(b) the financial statement on the Fund is accurate;

(c) payments made from the Fund were in conformity with the authorised expenditure properly approved;

(d) the disbursements made were in accordance with disbursement procedures; and

(e) the accounting procedures and internal control procedures were accurate.

(4) 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 recommendation of the Board.