Section 37 in The Bonded Labour System (Abolition) Ordinance, 1975
37. Audit.
(1)The accounts and affairs of the corporation shall be audited by an auditor duly qualified to act as auditor of companies under sub-section (1) of section 226 of the Companies Act, 1956 (Central Act 1 of 1956) who shall be appointed by the State Government and shall receive such remuneration from the corporation as the State Government may fix at the time of appointment.(2)The auditor so appointed shall hold office for such period as may be fixed by the State Government.(3)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 the auditor 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 and other documents of the corporation.(4)The auditor may, in relation to the accounts of the corporation, examine any director of the Board or any officer or employee of the corporation, and shall be entitled to require from them or any of them such information and explanations as the auditor may think necessary for the performance of his duties.(5)The auditor shall make a report to the Board 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 fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit true and correct view of the state and affairs of the corporation, and in case he had called for any explanation or information, whether it has been given and whether it is satisfactory.(6)The State Government may, in consultation with the Controller and Auditor General of India, at any time issue directions to the auditor requiring him to report to it upon the adequacy of measures taken by the corporation for the protection of the share holders and creditors or upon the sufficiency of the procedure in auditing the affairs of the corporation and may enlarge or extend the scope of the audit or direct a different procedure to be adopted by the auditor, or direct that any other examination be made by the auditor , if, in the opinion of the State Government, public interest so requires.(7)The corporation shall send a copy of every report of the auditor to the Comptroller and Auditor General of India at least one month before it is placed before the Board.(8)Notwithstanding anything hereinbefore contained in this section, the Comptroller and Auditor General of India may, either of his own motion or on a request received in this behalf from the State Government, undertake such audit and at such time as he may consider necessary.(9)Every audit report under this section shall be forwarded both to the Central Government and the State Government, and the State Government shall cause the same to be laid before the Legislature of the State.
