Board, the budget for the previous year shall remain in effect, adjusted for inflation using the official inflation rate. The Board should indicate in writing the grounds for rejecting a draft budget. d) The Board shall, at the beginning of every financial year, appoint an independent auditor of international standing to audit the Authority’s accounts. The Authority shall cause its accounts to be audited by the independent auditor within three months of the end of each financial year. The auditor’s report shall be submitted to the Board by the auditor not later than five months from the end of the financial year and shall draw any financial irregularity or shortfall to the attention of the Board. e) The General Director shall prepare and submit to the Board, not later than six months from the end of the financial year, an annual report in such form as the Board may direct on the activities of the Authority, and shall enclose with such report a copy of the audited accounts of the Authority, the auditor’s report and the information set forth in Article (54) of this Law. f) Immediately after the Board approves the audited accounts of the Authority, the Authority shall publish a summary of its audited accounts in the Official Gazette and in two local daily newspapers, one of which is published in Arabic and the other in English. Article (18) Funding Of the Authority a) Funding of the operations and activities of the Authority shall be derived from the following sources: 1) Application, initial and renewal fees charged for Licenses. 2) Revenue of annual Licenses’ fees based in the case of an Individual License on the gross annual turnover of the Licensee resulting from this License, provided that such fees shall not exceed one percent (1%) of such gross annual turnover. Fees for a Class License are to be