(a) Before March 1 of each year, the Annapolis Authority shall submit an audit of its books and records to the Mayor of Annapolis and City Council of Annapolis.

(b) The audit shall:

(1) be performed in accordance with the federal Single Audit Act, 31 U.S.C. §§ 7501-7507;

(2) follow generally accepted governmental auditing standards; and

(3) be performed by an independent certified public accountant approved by the Annapolis Authority and by federal authorities.