10.—(1) As soon as practicable after the establishment day, the Council shall cause to be prepared all proper and usual accounts of all moneys received or expended by the former Council in the accounting year, or part of the accounting year of the former Council ending immediately before the establishment day.

(2) Accounts prepared pursuant to this section shall be submitted as soon as practicable by the Council to an auditor for audit.

(3) Immediately after the audit referred to in subsection (2) a copy of the auditor's report on the accounts shall be presented to the Minister who shall cause copies of it to be laid before each House of the Oireachtas.