(1) Accounts shall be kept of all moneys in the Fund in accordance with international accounting standards and shall be audited annually by independent, qualified and experienced auditors appointed by the Board.
(2) Within 3 months of the end of the financial year, the Director shall submit to the Board a report of the following in respect of the financial year—
(a) an account of the income and expenditure of the Fund;
(b) an account of contributions received and benefits paid;
(c) a statement of assets and liabilities of the Fund;
(d) a statement of account of the securities in which moneys forming part of the Fund are invested;
(e) the auditors report and recommendations.
(3) Not later than 2 months prior to the end of the financial year, the Director shall submit to the Board, estimates of the Board's expenditure for the succeeding financial year.