(1) The auditors of a friendly society shall, unless they are exempt from the requirements of this section, make a report to the Commission, as respects each financial year of the society, on the conduct of the activities of the society in that year in relation to the matters specified in subsection (2) below.
(2) The auditors' report shall deal with -
(a) the accounting records kept by the society under section 68 above; and
(b) the systems of control of its business and records and of inspection and report maintained under that section.
(3) The report shall state the auditors' opinion as respects the matters specified in subsection (2) above as follows, that is to say -
(a) as regards the accounting records of the society, whether or not they comply with the requirements of section 68 above and, if not, specifying each requirement not complied with and the respects in which it was not complied with;
(b) as regards the system of control of its business and records, whether or not