(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 and in such manner as may be prescribed.
(2) The Authority shall cause its accounts to be audited annually by the auditors duly qualified to act as auditors under sub-section (1) of Section 226 of the Companies Act, 1956.
(3) As soon as the accounts of the Authority are audited, the Authority shall send a copy thereof together with the audit report thereon to the State Government and also cause the accounts to be published in the prescribed manner.
(4) Notwithstanding anything contained in this section, the State Government may order that there shall be concurrent or special audit of accounts of the Authority by such person or authority as it thinks fit.
(5) The State Government shall cause to be laid a copy of the audit report before the House of the State Legislature.