(1) Within 3 months after the end of each financial year the Board shall cause to be prepared, in respect of that year —
(a) a report setting out the activities of the Board; and
(b) audited financial statements prepared in accordance with the accounting standards established by the Eastern Caribbean Institute of Chartered Accountants.
(2) Where the standards referred to in subsection (1) are inappropriate or inadequate for any type of accounting method the Director of Audit may provide such instructions as may be necessary.
(3) The external auditor shall prepare a report on the accounts and submit the report to the Board which shall, as soon as practicable, but not later than one month, after its receipt, forward a copy of the report and a copy of the statement of accounts to the Minister.
(4) The external auditor shall include in the report —
(a) a statement whether, in the opinion of the auditor, the income and expenditure account for the financial year to which the report relates give a true and fair view of the income and expenditure of the Board; and
(b) a statement whether, in the opinion, of the auditor the balance sheet for the financial year gives a true and fair view of the financial affairs of the Board at the end of that financial year.
(5) A copy of the report and financial statements referred to in subsection (1) shall be submitted by the Minister to be laid in Parliament within one month of the date of receipt of the report and financial statements.