Section 40. Accounts and Audit

(1) The Board shall cause to be maintained proper books of accounts and such other records as the rules may require and shall prepare in accordance with the rules a statement of accounts for each financial year. (2) The accounts of the Board shall be audited once a year by authorised auditors (Chartered Accountants) to be appointed by the Board. (3) As soon as the accounts of the Board have been audited the Board shall send a copy thereof together with a copy of the auditors to the Government and shall cause the accounts to be published in the official Gazette not later than four months after 31st March every year. (4) The Board shall comply with such directions as the Government may, after perusal of the report of the auditor, think fit to issue.