The books and accounts of the system shall be audited by an independent certified public accountant in conformance with the prescribed standards and legal requirements. The certified public accountant shall be selected by the Board.

The audit, when completed, shall be presented to the Board for examination.

On or before May 1 of each year, the Superintendent shall place before the Board the matter of the retaining of a certified public accountant.

The Superintendent shall be responsible for filing copies of the audit with the proper authorities as prescribed by law.