Section 44. Annual audit of Accounts.

(1) Every private school shall maintain such accounts and records in such manner as may be prescribed. (2) (a) The accounts of every private school receiving aid as grant shall be audited at the end of every financial year by such authority, officer or person as may be prescribed; (b) The authority, officer or person, prescribed under clause (a) shall send a copy of the report on the audit of the accounts to the competent authority which shall forward the same to the school committee of the private school; (c) The school committee shall take such action as may be specified by the competent authority to rectify the defects, if any, disclosed consequent on the audit or inspection and submit a report together with its comments thereon to the competent authority within such time as may be specified. (3) In the case of private unaided school, the accounts should be audited at least once in every year by the qualified auditors. The management of the school has to furnish the audit report at the time of making application for the renewal of recognition to the competent authority.