775. Accounts and audit.

775.     Accounts and audit.

Proper accounts and proper records must be kept by the Civil Aviation Authority ('CAA')1, which must prepare, in respect of each accounting year2, a statement of accounts, showing the state of affairs and the profit or loss of the CAA, in such form as the Secretary of State3 with Treasury4 approval directs5. As soon as the accounts of the CAA and the statement have been audited6, the CAA must send a copy of the statement together with any auditors' report to the Secretary of State7, who is then required to lay before each