Audit of Accounts

(1) The accounts of ‘the Board shall be subject to audit under the State Local Fund Audit Act or by a certified Chartered Accountant or by other agency as the Government deems fit. (2) The Board may make arrangement for internal audit of accounts, as it may deem fit. (3) The annual accounts and balance sheet of the Board shall be prepared by the Managing Director and all moneys accruing to or received by the Board from whatever source and all amounts disbursed or paid shall be entered in the accounts.