(1) A licensed scheme shall keep books of account and proper record in respect of the accounts.

(2) Notwithstanding the provisions in the Companies Code, a licensed scheme shall submit an annual report in a prescribed form to the Council covering its activities for the period from 1st January and ending on 31st December within three months after the 31st December of the preceding year.

(3) A licensed scheme shall have its accounts audited by its auditors and a copy of the audit report shall be submitted with its annual report to the Council.

(4) An auditor shall not be an employee, manager, or director of the scheme.

(5) The Council may without notice cause to be audited the accounts of a scheme which receives subsidy from the National Health Insurance Fund.