(1) The Board shall cause proper accounts and other records in relation thereto to be kept, including a proper system of internal check and prepare an Annual Statement of Accounts including the Profit and Loss Account and the Balance Sheet in such form as may be prescribed by the State Government in consultation with the Comptroller and Auditor-General of India.(2) The Accounts of the Board shall be audited by the Comptroller and Auditor-General of India or by such person as he may authorise in this behalf and any expenditure incurred by him in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any person authorised by him in connection with the audit of the accounts of the Board shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has connection with the audit of Government accounts and in particular shall have the right to demand the production of books of accounts, connected vouchers and other documents and papers, and to inspect any of the offices of the Board.
(4) The Accounts of the Board as certified by the Comptroller and Auditor-General of India or any other person authorised by him in this behalf together with the Audit Report thereon shall be forwarded annually to the State Government and that Government may issue such instructions to the board in respect thereof as it deems fit and the Board shall comply with such instructions.
(5) The State Government shall
(a) cause the accounts of the Board together with the Audit Report thereon forwarded to it under sub-section (4) to be laid annually before the State Legislature; and
(b) cause the accounts of the board to be published in the prescribed manner and make available copies thereof on sale at a reasonable price.