Books of Account, Audit and Affixation of Financial Liability

10. (1) There shall be at least one permanent Chartered Accountant and Cost Accountant as a full-time employee of the trust. (2) The Trust shall maintain true and proper books of account of all the assets, liabilities and income and expenditure of the Trust and shall prepare an Income and Expenditure Account and Balance Sheet for every year as on the last day of March strictly in accordance with the applicable accounting standards and applicable tax laws which shall be mandatorily audited as referred hereunder. (3) The accounts of every year shall be audited by a Chartered Accountant of a firm of Chartered Accountants who shall be appointed for that purpose by the Board and the audited accounts shall be placed at a meeting of the Trustees, which shall be held before the end of the succeeding year and also signed by the Board. (4) Upon the discovery of any discrepancy in the accounts or upon complaint as regards any financial matter, the State Government shall also have an independent power to access books of accounts and carry out an audit either through the Office of the Comptroller and Auditor General of the State of Uttar Pradesh or an independent firm of repute as may be deemed fit and necessary.