The City Council shall cause an audit of the city accounts to be made by a qualified accountant or shall prepare an unaudited statement of cash receipts and disbursements, in lieu of an audit, as expeditiously as possible following the close of the fiscal year. If an audit is authorized by the City Council, it shall be made on a cash or accrual method at the discretion of the City Council, and shall be completed within six months of the close of the fiscal year. In the event the city elects not to have an audit performed, the City Treasurer shall prepare an unaudited statement of cash receipts and disbursements in a form prescribed by the Auditor of Public Accounts, and shall submit not less than three copies of the unaudited report to the City Council. All public utilities shall be audited separately, and the results of such audits shall appear separately in the annual audit report. The audit shall be in a form that is in general conformity with accepted accounting principles and shall set forth the financial position for each fund of the city as well as an opinion by the accountant with respect to the financial statements. Two copies of the annual audit report shall become a part of the public records of the City Clerk’s office and will at all times thereafter be open for public inspection. One copy shall be filed with the Auditor of Public Accounts.