The Council shall designate a qualified public accountant or accountants who shall make an independent annual audit of the accounts and evidences of financial transactions of the department of finance and of all other departments, offices, and agencies keeping separate or subordinate accounts or making financial transactions, as of the end of every fiscal year or more often at the discretion of the Council, and who shall report to the Council and to the City Manager. In lieu of the above, the Council may arrange with an appropriate State authority for such an audit when and if permitted by law.