The Oil Industry (Development) Act, 1974
20. Accounts and audit.
- The Board shall maintain proper
accounts and other relevant records and prepare an annual statement of accounts,
including the profit and loss account and the balance-sheet in such form as may
be prescribed by the Central Government in consultation with the Comptroller and
Auditor-General of India.
- The accounts of the Board shall be
audited by the Comptroller and Auditor-General of India at such intervals as may be
specified by him and any expenditure incurred in connection with such audit
shall be payable by the Board to the Comptroller and Auditor-General.
- The Comptroller and Auditor-General
of India and any person appointed by him in connection with the audit of the
accounts of the Board shall have the same rights and privileges and authority in
connection with such audit as the Comptroller and Auditor-General has in
connection with the audit of Government accounts and, in particular, shall have
the right to demand the production of books, accounts, connected vouchers and
other documents and papers and to inspect any of the offices of the Board.
- The accounts of the Board as
certified by the Comptroller and Auditor-General of India or any other person
appointed by him in this behalf together with the audit report thereon shall be
forwarded annually to the Central Government and that Government shall cause the
same to be laid before each House of Parliament.
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