(1) The affairs of the Corporation shall be audited by an auditor duly qualified to act as an 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 Reserve Bank may fix.
(2) The auditor shall be supplied with a copy of the annual balance-sheet of the Corporation and it shall be his duty to examine it 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 to the books, accounts and other documents of the Corporation and may, in relation to such accounts examine any director of the Board or any officer or employee of the Corporation.
(3) The auditor shall make a report to the Corporation upon the annual balance-sheet and accounts and in every such report he shall state whether in his opinion the balance-sheet is a full and fairbalance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the state of affairs of the Corporation and in case he had called for any explanation or information from the Board, whether it has been given and whether it is satisfactory.
1. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
2. Subs. by s. 8, ibid., for section 27 (w.e.f. 15-7-1978).
3. Subs. by Act 66 of 1988, s. 25, for ", each year" (w.e.f. 30-12-1988).
4. Ins. by s. 25, ibid. (w.e.f. 30-12-1988)
(4) Without prejudice to anything contained in the preceding sub-sections, the Central Government may at any time appoint the Comptroller and Auditor-General of India to 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 the Corporation to the Comptroller and Auditor-General of India.