Accounts and audit

(1) The accounts of the Authority shall be prepared and maintained in such form and in such manner, as may be prescribed. (2) The Authority shall cause to be prepared for each financial year an annual statement of accounts in such form, as may be prescribed. (3) The accounts of the Authority shall be audited by an agency as may be authorized by the State Government or by an auditor duly qualified to act as an auditor of Companies under section 226 of the Companies Act, 1956 ( 1 of 1956). (4) The auditor shall send copy of the report together with audited copy of accounts to the Authority, which shall, as soon as may be, after the receipt of the audit report forward the same to the State Government. (5) The State Government shall cause the audit report together with audited copy of accounts to be laid before the State Legislature, as soon as may be, after the receipt of the same under sub-section(4).