(1) The Managing Committee shall maintain or cause to be maintained true and proper accounts and other relevant records and prepare or cause to be prepared annual statement of accounts including the balance sheet, in such manner as may be prescribed, under the Kerala Local Fund Audit Act, 1994 (14 of 1994).
(2) The account of the Fund as prepared by the Managing Committee shall be audited by an auditor under the Karala Local Fund Audit Act, 1994 (14 of 1994), in accordance with the provisions of that Act and the accounts as certified by such auditor together with the audit report thereof shall be forwarded annually to the Government.
(3) The Government shall, as soon as may be after the receipt of the report under sub-section (2) make arrangements to cause the same to be laid before the Legislative Assembly.