The Authority shall have two kinds of Audit— Internal and
(1) Internal Audit/ Management Audit :- The purpose of internal management audit is to determine whether the financial management arrangements including internal control mechanism, as developed are working effectively, identify areas for improvement and enhancing efficiency. The internal audit / management audit will be carried out by the Authority either on its own or through an outsourced arrangement.
(2) External Audit:- The accounts of Authority shall be subjected to external statutory Audit. The External Auditor shall submit a report as to whether the financial statements of the Authority represent a true and ~ fair view of the financial position as at end of the financial year and of the operations for the year ended on that date. External audit, for the purpose of the submitting audited financial statements to the State Govt., will be carried out by a firm of chartered accountants. In addition, the C&AG of India through State AG may carry out a supplementary audit under the C&AG "Duties, Powers & Conditions of Services Act, 1971.
PART IV