Accounts and Audit

(1) Every Authority under this Act shall cause proper accounts and other records in relation thereto to 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 form as may be prescribed by regulations. (2) The accounts of every Authority 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 concerned Authority to the Government.