The Authority shall conduct its affairs on the fiscal year basis employed by the State, viz., its fiscal year shall begin on July first of each year and shall end on June thirtieth of the succeeding year. As shortly after the close of its fiscal year as may be practicable, an audit of its affairs shall be made by certified public accountants of good standing, to be designated by the Authority. Copies of such audits, incorporated into an annual report of the Authority, shall be filed with the treasurer of Berkeley County, the clerk of the city council of Charleston, in the offices of the clerks of court for Berkeley and Charleston Counties, and with the Secretary of State.