Accounts and Audit

Infrastructure201134 sections7 chapters

ACCOUNTS, AUDIT AND REPORT

Statutory text

(1) The accounts of the Board shall be prepared and maintained in such form and in such manner as may be provided by the rules.
(2) The Board shall cause to be prepared for each Financial Year an annual statement of accounts in such form as may be provide by the rules.
(3) The accounts of the Board shall be audited 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 include in their report assessments relating to the achievement of the purpose of the Fund, compliance with the policies and procedures established by the Board, and the effectiveness of the management of the Fund.
(5) The auditor shall send copy of the report together with audited copy of accounts to the Board which shall, as soon as may be, after the receipt of the audit report forward the same to the State Government.
(6) 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 (5).
(7) All expenses, costs and charges including fees payable to Auditors pursuant to this Section shall be paid out of the Fund in accordance with sub-section (5) of Section 20.

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