(1) The annual accounts and balance sheet of the Board shall be prepared by the Secretary under the supervision of the Finance Committee.
(2) The annual accounts and balance sheet as prepared by the Secretary shall be audited every year by such auditor as may be appointed by the Government on payment of such amount as may be specified from amongst persons qualified for appointment as auditors of companies under section 226 of the Companies Act, 1956 and there shall not be interval of more than fifteen months between two successive audits.
(3) The audited annual accounts shall be published by the Secretary in the Gazette and a copy thereof together with the auditors reports shall be presented by him to the General Body and forwarded to the Government together with the comments, if any, of the Finance Committee.
(4) The Government may make such comment on the annual accounts as it may deem appropriate and every such comment shall be placed by the Secretary before the Chairman and the General Body for their observations. The observations made by the Chairman and the General Body shall be placed by the Secretary before the Finance Committee which shall duly consider them and make its own observations and forward them to the Government.
(5) The Government shall soon after the submission of annual report along with audited annual accounts and balance sheet of the Board cause the same to be laid before [the Legislative Assembly of the Union territory of Jammu and Kashmir] before the close of the financial year following the year to which the report relates.