(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 State 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 money accruing to or received by the Board from whatever source and all amounts disbursed or paid shall be entered in the accounts. (4)At the time of audit, the Managing Director shall cause to be produced all accounts, registers, documents and other relevant papers which may be called for by the audit officer for the purposes of the audit. Any explanation called for by such officer for the removal of any discrepancy shall be immediately furnished to him. (5)The accounts when audited shall be printed. The copies of accounts and audit report with comments thereon shall be placed before the Board.