Chapter V ACCOUNTS AND MAINTENANCE OF RECORDS OF AUTHORITIES

1. (1) The Regulating Authorities and the CET Cell shall maintain their respective accounts based on the mercantile system of accounts.
2. (2) The accounts of the Regulating Authorities and the CET Cell shall be maintained in such form, as may be prescribed.

1. (1) The Accounts of the Regulating Authorities and the CET Cell shall be audited every year by the Comptroller and Auditor General of India and the report thereof shall be placed before both Houses of the State Legislature in the session immediately held thereafter.
2. (2) Without prejudice to the provisions of sub-section (1), the annual accounts of the Regulating Authorities and the CET Cell shall be audited by a Member of the Institute of Chartered Accountants of India appointed by the respective Authorities and the CET Cell.

The Regulating Authorities and the CET Cell shall, in such form and within such time as may be prescribed, submit its report annually in respect of its activities in the previous financial year to the State Government. The State Government shall cause such report to be placed before each House of the State Legislature in the session held immediately thereafter.