(1) The Commission shall cause to be maintained such books of accounts and other books in relation to its accounts, in such form and in such manner, as may be prescribed.
(2) The Commission shall, as soon as may be, after closing its annual accounts, prepare a statement of accounts including the balance-sheet in such form as may be prescribed and forward the same to the Government.
(3) The accounts of the Commission shall be audited by the Accountant General of the State of Maharashtra at such time and in such manner as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Commission to the Accountant General.
(4) The Accountant General and any person appointed by him in connection with the audit of the accounts of the Commission under this Act shall have the same rights and privileges and the authority in connection with such audit as the Accountant General generally has in connection with the audit of any Government accounts and, in particular, shall have the right to demand the production of books, accounts connected vouchers and other documents and papers and to inspect any of the offices of the Commission.
(5) The annual accounts of the Commission together with the audit report thereon shall be forwarded to the Government and the Government shall cause the same to be laid, as soon as may be, after the report is received, before both the Houses of the State Legislature and shall also forward a copy of the audit report to the Commission for taking suitable action on the matter arising out of the audit report or audit objections, if any.