Amendment status not verified — confirm the current text below against the official source.
(1)The annual accounts and balance sheet of the Institute shall be prepared by the Comptroller of Finance under the direction of the Board and all moneys accruing to or received by the Institute from whatever sources and all amounts disbursed and paid by the Institute shall be entered in the account. Rules Funds of the Institutes Power to borrow. Accounts and Audit 15 (2) The accounts of the Institute shall, at least once in every year and at an interval of not more than fifteen months, be audited in accordance with the provisions of the Orissa Local Fund Audit Act, 1948. (3) All reports on audit made under sub-section (2) shall, as soon as may be after they are received from the Examiner of Local Accounts, be laid before the State Legislature for a total period of fourteen days which may be comprised in one or more sessions. (4) The Government shall have powers to issue direction to conduct special audit, if required, in respect of utilization of funds and the Institute shall comply with the directions issued by the Government on such audit. (5) The Institute shall also take steps forthwith to rectify or remedy the defect or irregularity, if any, pointed out by the auditors.