(1) The legislative council is authorized to conduct a post audit of the books and records of the Idaho housing and finance association on the same basis as audits are conducted of state agencies.
(2)  The association shall file its financial report for the year then ended with the secretary of state within one hundred twenty (120) days after the close of its fiscal year describing its activities during the preceding year. In such report it may make recommendations regarding additional legislation or other action it deems necessary to permit it to carry out the purposes of this act.