(1) Every promoter and estate agent shall get his accounts audited after the close of every financial year by a chartered accountant and shall furnish a statement of accounts duly certified and signed by such chartered accountant alongwith the auditor’s report to the competent authority within a period of six months of the close of the financial year.
(2) While auditing the accounts, the chartered accountant shall also verify that amount collected by the promoter for a particular purpose have not been utilized for any other purpose as provided in section 9 and a certificate to that effect shall be recorded by the chartered accountant and a copy of the certificate so recorded, shall be sent by the promoter to the competent authority.