(a) On or before August 1 each year, the Board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Trust to the Governor and, subject to § 2-1257 of the State Government Article, the General Assembly.

(b) The annual audit shall be made by an independent certified public accountant and shall include direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not State employees.