Accounts and audit

Accounts and audit

1. (1) The Institute shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance-sheet, in such form as may be prescribed by the Regulations in accordance with such general directions as may be issued by the Government.
2. (2) The accounts of the Institute shall be audited by an auditor to be appointed by the Board and such auditor shall be a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 or any other person as may be designated by the Government.
3. (3) The accounts of the Institute as certified by the auditor 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 it deems fit and the Institute shall comply with such instructions.