(1) The Member Secretary or an officer not below the rank of Deputy Secretary to Government designated by him shall cause maintenance of 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 authority 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 Authority shall be audited annually by the Controller, State Audit and Accounts Department. The Authority or the 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 Authority.
(5) As soon as may be after the receipt of the annual statement of accounts and the report of the auditor, the Authority 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 Government, along with its explanation on the comments made by the auditor, if any, and a statement of action taken by the Authority to remedy the irregularities or loopholes, if any, pointed out by the auditor.