State Agricultural Credit Corporations Act, 1968
32. Audit.
- The accounts of the Corporation
shall be audited by an auditor duly qualified to act as auditor under
sub-section (1)of section 226 of the Companies Act, 1956 (1 of 1956) who
shall be appointed by the Board with the previous approval of the Reserve
Bank and shall receive such remuneration from the Corporation as the Board
may with the approval of the Reserve Bank, fix:
Provided that the first auditor
shall be appointed by the Central
Government within one month from the
establishment of Corporation on such terms and conditions as the Central
Government may determine.
- The auditor so appointed shall
hold office from the conclusion of the annual general meeting of the
Corporation until the conclusion of the next annual general meeting:
Provided that the first auditor
shall hold office until the conclusion of the first annual general meeting.
- 181.The Corporation shall
supply its auditor with a copy of its annual balance-sheet and it shall be
the duty of the auditor to examine such balance-sheet together with the
accounts and vouchers relating thereto and he shall have a list delivered
to him of all books kept by the Corporation and shall at all reasonable
times have access to the books, accounts, vouchers and other documents of
the Corporation.
- The auditor may, in relation to
the accounts of the Corporation of which he is the auditor, examine any
director or any officer or employee of the Corporation and shall be
entitled to require from the officers of the Corporation such information
and explanation as he may think necessary for the performance of his
duties.
- The auditor shall make a report
to the Corporation upon the annual balance-sheet and accounts examined by
him and in every such report he shall state whether in his opinion the
accounts exhibit a true and fair view,-
- in the case of
the balance-sheet, of the state of affairs of the Corporation at the end of the
year, and
- in the case of
the profit and loss account, of the profit or loss for the year, and, in case
he had called for any explanation or information from the Board, whether it has
been given and whether it is satisfactory.
- Without prejudice to anything
contained in the preceding sub-sections, the Comptroller and Auditor-General
of India may, if so requested by the Central Government, examine and
report upon the accounts of the Corporation and any expenditure incurred
by him in connection with such examination and report shall be payable by
such Corporation to the Comptroller and Auditor-General of India.
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