(1) The accounts of the Board shall be maintained in such manner and in such form, as may be prescribed in the rules.
(2) The Board shall prepare an annual statement of accounts in such form, as may be prescribed in the rules.
(3) The accounts of the Board shall be audited once in a year by a person duly qualified to act as an auditor of a company under section 226 of the Companies Act, 1956 (Central Act 1 of 1956).
(4) The accounts of the Board as certified by the auditor together with audit report along with the remarks of the Board thereon shall be forwarded to the Government within such time, as may be prescribed in the rules.
(5) The Government may, by order, direct the Board 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 Board shall comply with such direction.