32.— (1) The Authority shall keep, in such form as may be approved by the Minister, with the consent of the Minister for Finance, all proper and usual accounts of all moneys received or expended by it, including an income and expenditure account and a balance sheet.

(2) By the end of the third month after the end of each financial year the Authority shall submit accounts for the preceding financial year kept in pursuance of subsection (1) to the Comptroller and Auditor General for audit.

(3) The Authority shall, in writing, produce a report (“annual report”) to the Minister each year in relation to the performance of its functions in the preceding financial year.

(4) The annual report shall—

(a) include a copy of the income and expenditure account, the balance sheet and of such other (if any) accounts kept under subsection (1) as the Minister, after consultation with the Minister for Finance, may direct together with a copy of the Comptroller and Auditor General’s report on the accounts,

(b) include such other information regarding the performance of the functions of the Authority as the Minister may from time to time require, and

(c) be made to the Minister within 15 working days after the receipt by the Authority of the Comptroller and Auditor General’s report on the accounts.

(5) The annual report, in every second year, shall include a statement regarding the continued necessity of any subsidiary.

(6) The Minister shall cause copies of the annual report to be laid before each House of the Oireachtas as soon as may be after its receipt by him or her.

(7) The financial year of the Authority shall be the period of 12 months ending on 31 December in any year and, for the purposes of this section and section 29 , the period commencing on the establishment day and ending on the following 31 December shall be deemed to be a financial year.