(1) The Managing Committee shall maintain and/or cause to be maintained proper books of accounts, documents and records with respect to the trust fund to give a true and fair picture of the affairs of the trust. Books of accounts shall be maintained as per provisions of General Finance & Accounting rules (GF&AR) or any specific rules made by the Government in this regard.
(2) The accounts of the trust shall be audited by the Comptroller and Auditor General (CAG) as per schedule decided by CAG.
(3) The accounts of the trust shall be audited every year by a chartered accountant appointed by the trust from the list of approved auditors notified by the Accountant General of the State, in the meeting of the Governing Council, on such terms and conditions as decided by the trust. The auditors may be removed and replaced by the trust with the consultation of the Accountant General. The audit report thereof shall be placed in the public domain alongwith the annual report.
(4) Notwithstanding anything contained in sub-rule (3), the Government may appoint an auditor or auditors or may request the Accountant General of the State for audit of a particular year or period on such terms as the Government may so decide.