(1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as the Government may by rules prescribe in consultation with such Auditor as the Government may by order specify.
(2) The Accounts of the Authority shall be subject to audit annually by the said Auditor and any expenditure incurred by the Auditor in connection with such audit shall be payable by the Authority to the said Auditor.
(3) The Auditor and any person appointed by him in connection with the audit of accounts of Authority, shall have the same right, privilege and authority in connection with such audit as the Accountant General of Jammu and Kashmir has in connection with the audit of Government accounts and in particular shall have the right to demand the production of books, account, connected vouchers and other documents and papers and to inspect the office of the Authority.
(4) The accounts of the Authority as certified by the said Auditor or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Government and Government shall cause a copy of the same to be laid before [Legislative Assembly of the Union territory of Jammu and Kashmir].