Chapter VI FINANCE AND ACCOUNTS

The annual report of the Institute shall be prepared under the directions of the Executive Council and shall be submitted to the Governing Council on or after such date as may be prescribed and the Governing Council shall consider the report in its annual meeting.

1. (1) The annual accounts and balance sheet of the Institute shall be prepared under the directions of the Executive Council, duly approved by the Governing Council, and shall, once at least every year and at intervals of not more than fifteen months, be audited by a firm of Chartered Accountants eligible for conducting audit as per the provisions of the Chartered Accountants Act, 1949.
2. (2) A copy of the annual accounts, together with the audit report thereon, shall be submitted to the Governing Council along with the observations of the Executive Council for their approval.