The regulator must keep proper accounts (and proper records of its accounts).
As soon as is reasonably practicable after the end of each financial year the regulator must prepare a statement of accounts in respect of that financial year.
The statement must be in such form as the Secretary of State may direct.
The regulator must, within such period as the Secretary of State may direct, send a copy of the statement to—
the Secretary of State, and
the Comptroller and Auditor General.
The Comptroller and Auditor General must—
examine, certify and report on the statement, and
send a copy of the certified statement and the report to the Secretary of State as soon as possible.
The Secretary of State must lay before Parliament a copy of each statement and report received under subsection (5).