(1) The Commissioner shall cause to be maintained such books of accounts and other registers as may be prescribed and shall prepare in the prescribed manner an annual statement of accounts.
(2) The financial year of the Board shall commence on 1st April of each calendar year and shall end on 31st March of the succeeding calendar year.
(3) The accounts of the Board shall be audited annually by the Controller, State Accounts Department. The Board or the State Government may order concurrent and special audits also.
(4) The auditor shall, for the purposes of the audit, have access to all the accounts and other records of the Board.
(5) As soon as may be after the receipt of the annual statement of accounts and the report of the auditor, the Board shall consider it in its meeting and send a copy of the annual statement of accounts together with a copy of the report of the auditor to the State Government, along with its explanation on the comments made by the auditor, if any, and a statement of action taken by the Board to remedy the irregularities or loopholes, if any, pointed out by the auditor.
(6) The State Government may after perusal of the report of the auditor, and other documents submitted to it, as in sub-section (5), give such directions as it thinks fit to the Board and the Board shall comply with such directions.