(1) The accounts of the Board shall be maintained in such manner and in such form as may be prescribed by regulations. The Board shall prepare an annual statement of accounts in such form as may be prescribed.
(2) The accounts of the Board shall be audited once in a year by such auditor as the Government may appoint in this behalf.
(3) The auditor appointed under sub-section (2) shall in connection with such audit, have such rights, privileges and authority as may be prescribed and in particular, the right to demand the production of books, accounts connected vouchers and other documents and to inspect any of the offices of the Board.
(4) The Secretary shall cause the report of the auditor to be printed and forward a printed copy thereof to each Director and shall place such report before the Board for submit a report thereon to the Government.
(5) The Board shall remedy forthwith any defects or irregularities that may be pointed out by the auditor and submit a report thereon to the Government.