Audit report to be submitted to Commissioner

(1) After completing the audit for any year or part thereof, the auditor shall send a report to the Commissioner.

(2) The Commissioner shall send a copy of every audit report relating to the accounts of an institution to the Board and it shall be the duty of such Board or the Executive Officer to remedy any defects or irregularities pointed out by the auditor, within such time as may be specified therefor by the Commissioner and report the same to the Commissioner.