Section 18: Annual Accounts and Audit.

(1) The accounts of the Authority shall be maintained in such manner and in such form as may be prescribed. The Authority shall prepare an annual statement of accounts in such form as may be prescribed. (2) The accounts of the Authority shall be audited atleast once in a year by such auditor as the Government may appoint in this behalf. (3) The auditor appointed under sub-section (2) shall, for purposes of audit, have such rights, privileges and authority as may be prescribed. (4) The Member-Secretary shall cause the audit report to be printed and forward a printed copy thereof, to each member and shall place such report before the Authority for consideration at its next meeting. (5) The Authority shall take appropriate action forthwith to remedy any defect or irregularity that may be pointed out in the audit report. (6) The accounts of the Authority as certified by the Auditor together with the audit report along with the remarks of the Authority thereon shall be forwarded to the Government within such time as may be prescribed. (7) The Government may, by order, direct the Authority to take such action as may be specified in the order to remedy, within such time as may be specified therein, the defects, if any, disclosed in the audit report, and the Authority shall comply with such direction.