(1) Every Regional Development Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as the Government may prescribe.
(2) The accounts of every Regional Development Authority shall be subject to audit annually by the Examiner, Local Fund Accounts :
Provided that in place of or in addition to the Examiner, Local Fund Accounts, the Government may entrust the audit to the Accountant General, Uttar Pradesh or Comptroller and Auditor General of India or to any other Auditor on such terms and conditions, in such manner, for such period and at such times as may be agreed upon between him and the Government.
(3) The rights, authority and privileges of any person conducting audit under subsection (2) shall,-
(a) in the case of Examiner, Local Fund Accounts, be the same as he has in connection with the audit of the accounts of local authority;
(b) in the case of the Accountant General, Uttar Pradesh or as the case may be, the Comptroller and Auditor General of India, be the same as he has in connection with the audit of Government accounts, and
@(c) in the case of any other auditor, be as prescribed; and, in particular, he shall have the right to demand production of books, accounts, connected vouchers, papers and other documents and to inspect the office of the Regional Development Authority.
(4) The accounts of the Regional Development Authority, as certified by the Auditor or any person appointed by him in that behalf, together with audit report thereon shall be forwarded to the Government annually or at such times as may be directed by it. The Government may issue such directions to the Regional Development Authority as it may deem fit and the Regional Development Authority shall be bound to comply with such directions.
(5) Any expenditure, incurred by the Auditor in connection with the audit shall be payable by the Regional Development Authority to the auditor.