(1) The Board shall keep in respect of the Fund books of accounts and proper records in relation to them and the books of account and records shall be in such form as the Auditor-General may approve.

(2) The books of account shall be audited by the Auditor-General or by an auditor appointed by him within three months after the end of each financial year.

(3) In addition to the annual audit, technical audits shall be conducted on selective basis by the Auditor-General or by an auditor appointed by the Auditor-General.