Accounts and Audit

(1) A Panchayat Raj Institution shall keep such accounts and submit such statements to such authorities as may be prescribed.

(2) Accounts of receipts and expenditure of every Panchayati Raj Institution shall be maintained for every financial year in such form as may be prescribed.

(3) An abstract of the annual accounts of a Panchayati Raj Institution showing its income under each head or receipt, the charges for the establishment, works under taken, the sum expended on each work, the balance, if any, remaining unexpended and such other information as may be required by rules, shall be prepared and finalised in the prescribed manner.

(4) All accounts kept and maintained by a Panchayati Raj Institution shall be audited, as soon as may be after the end of each financial year, by the Director, Local Fund Audit for the State and provisions of the Rajasthan Local Fund Audit Act, 1954 (Rajasthan Act 28 of 1954) shall apply :

Provided that the Comptroller and Auditor General of India may also carry out a audit of such accounts and such audit report shall be laid before the state legislature by the State Governments.

(5) The concerned Panchayati Raj Institution shall pay, out of its fund, such sum as may be determined by the State Government by way of charges for such audit.