Amendment status not verified — confirm the current text below against the official source.
(1) The Institute shall cause to be kept proper accounts and other records in relation thereto, including a proper system of the internal check and prepare an annual statement of accounts including the income and expenditure account and the balance sheet in such manner as may be prescribed by regulations. (2) The accounts of the Institute shall be audited by the Director of State Audit and the audit report thereon shall be forwarded annually to the Government and the Government may issue such instructions to the Institute in respect thereof as they deem fit and Institute shall comply with such instruction.