(a) Promptly upon making any settlement, the Department of Revenue shall transmit the original settlement, with all of the papers appertaining thereto, to the Department of the Auditor General.

(b) The Department of the Auditor General shall audit such settlement and, within sixty (60) days after the receipt thereof, express in writing its approval or disapproval thereof, and return it to the Department of Revenue. If the settlement be disapproved, the Department of the Auditor General shall state in writing the specific reasons upon which the disapproval is based.

(c) If the Department of the Auditor General shall disapprove the settlement, it shall be the duty of the Department of Revenue to reconsider it, to confer with the Department of the Auditor General, and to endeavor to agree with the Department of the Auditor General upon the settlement to be made.

(d) If the Department of Revenue shall revise the settlement, it shall resubmit the same to the Department of the Auditor General for approval or disapproval.

(e) In the event that the Department of Revenue and the Department of the Auditor General shall fail to agree, within four months after the original submission of the settlement by the Department of Revenue to the Department of the Auditor General, the settlement shall be submitted by the Department of Revenue to the Board of Finance and Revenue, which shall consider the objections of the Department of the Auditor General, and determine in what amount the settlement shall be made.

(f) The Board of Finance and Revenue shall give every such case precedence over other business pending before it, and shall reach a decision within three months after the date of the submission of the case to it. Should the board fail, within that period, to reach a decision, the settlement made by the Department of Revenue shall automatically become valid, and the Board of Finance and Revenue shall immediately return to the Department of Revenue the settlement and all of the papers appertaining thereto.

(g) No settlement, except as provided in the preceding clause, shall be valid until the Department of the Auditor General shall have approved it in writing, or until the Board of Finance and Revenue, the Department of Revenue, and the Department of the Auditor General, being unable to agree, shall have determined and stated in writing in what amount the settlement shall be made.