(1) The Centre shall keep proper books of accounts and proper records in relation to the accounts and shall prepare at the end of each financial year within a period of six months after the end of the financial year, a statement of its accounts in such form as the Auditor-General may direct.

(2) The books of accounts of the Centre shall each year be audited by the Auditor-General or an auditor approved by him and a report on the audit shall be submitted to the Board.