(1) The Commissioner shall be responsible in maintaining 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 the 1st April of each calendar year and end on 31st March of the succeeding calendar year.
(3) The accounts of the Authority shall be audited annually by a Registered Chartered Accountant empanelled by the Controller and Auditor General. The Authority or the Government may order concurrent and special audits, if it feels necessary.
(4) The auditor shall, for the purposes of the audit, have access to all the accounts and other records of the Authority.
(5) Within 15th July of every year, after 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 explanations 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.
(6) The 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 Authority and the Authority shall comply with such directions.