The state auditor is authorized and directed to make an annual audit of the operations of the board and to make a complete report of that audit to the General Assembly. The report shall disclose all moneys received by the board and all expenditures made by it, including administrative expenses and payments of benefits. The state auditor shall also have the right, in his discretion, to audit the affairs of the board at any time, and he may also audit the affairs of the board at any time, upon request of a majority of the members of the board.