(1) The Institute shall cause proper accounts and other records in relation thereto be kept, including the proper system of internal check and prepare an annual statement of accounts including the income and expenditure account and the balance sheet in such manner as may be prescribed by regulations.
(2) The Accounts of the Institute shall be audited by such persons as may be appointed by the Government and any expenditure incurred in connection with such audit shall be payable by the Institute to the Government.
(3) The person so appointed and any other person so authorised by him in connection with such audit of accounts of the Institute shall have the same rights and privileges and authority in connection with such audit as the comptroller and Auditor General of India has in connection with the audit of Government accounts and in particular shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Institute.
(4) The accounts of the Institute certified by the person so appointed or any other person authorised in this behalf together with the audit report thereon shall be forwarded annually to the Government and the Government may issue such instructions to the Institute in respect thereof as they deem fit and the Institute shall comply with such instructions.
(5) The Government may cause the accounts of the Institute together with the audit report thereon forwarded to them under sub-section (4) to be laid annually before the Legislature of the State.