Prior to the end of every fiscal year, the council shall secure the services of a certified public accountant or accountants who shall make an independent audit of accounts and other evidences of financial transactions of the city as of the end of the fiscal year and shall submit such report to the council and the city manager. The accountant or accountants so employed shall have no personal interest, direct or indirect, in the fiscal affairs of the city or any of its officers and shall be certified to perform Oklahoma municipal audits. They shall not maintain any records or accounts of the city but, within specifications approved by the council, shall post audit books and documents kept by the city or any of its trusts, departments, boards or agencies. In lieu of the above, the council may arrange with appropriate State authority for such an audit when and if permitted by law.