Every registered trade union and every registered employers ' organization must, to the standards of generally accepted accounting practice, principles and procedures:
keep books and records of its income, expenditure, assets and liabilities; and
a statement of income and expenditure for the previous financial year; and
Every registered trade union and every registered employers' organisation must arrange for an annual audit of its books and records of account and its financial statements by an auditor who must-
conduct the audit in accordance with generally accepted auditing standards; and
express an opinion as to whether or not the trade union or employers' organization has complied with those provisions of its constitution relating to financial matters; and
Every registered trade union and every registered employers' organisation must-
make the financial statements and the auditor's report available to its members for inspection; and
Every registered trade union and every registered employers' organisation must preserve each of its books of account, supporting vouchers, records of subscriptions or levies paid by its members, income and expenditure statements, balance sheets, and auditors reports, in an original or reproduced form, for a period of three years from the end of the financial year to which they relate.