(1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet, in such form, as may be prescribed;
(2) The accounts of the Authority shall be subject to audit annually by the Accountant General of Meghalaya and any expenditure incurred in connection with such audit shall be payable by the Authority to the Accountant General of Meghalaya;
(3) The Accountant General of Meghalaya and any person appointed by her in connection with the audit of accounts of the Authority shall have the same rights, privileges, and authority in connection with such audit as the Accountant General of Meghalaya has in connection with the audit of the Government accounts and, in particular, shall have right to demand the production of books, accounts, connected vouchers, other documents and papers and to inspect the office of the Authority;
(4) The accounts of the Authority as certified by the Accountant General of Meghalaya or any other person appointed by her in this behalf together with the audit report thereon and an explanatory memorandum on the action so taken or proposed to be taken, shall be forwarded annually to the Government and the Government shall cause a copy of the same to be laid before the State Legislature;
(5) The Chief Executive Officer shall cause the accounts of the Authority together with the audit report and the explanatory memorandum, to be placed on the website of the Authority after the report has been laid before the State Legislature.