Section 28 in The Inland Waterways Authority Of India Rules, 1986
28. [ Account and Audit. [Substitued by S.R.O. 551(E), dated 22nd May, 1992]
(1)The financial year /accounting year shall be the year commencing from 1st April and ending on 31st March.](2)The Authority 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 the forms C-1, C-2 and C-3 annexed to these rules.(3)The accounts of the Authority shall be audited annually by the Comptroller and Auditor General of India and any expenditure incurred by him in connection with the audit of accounts of the Authority shall be paid by the Authority to the Comptroller and Auditor General of India within three months from the date on which any demand, therefore, is made the Comptroller and Auditor General of India.(4)The Comptroller and Auditor General of India and any person appointed by him in connection with the audit of the accounts of the Authority shall have the same rights and privileges and authority in connection with such Audit as the Comptroller and Audit or General as the Comptroller and Audit or 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 Authority.(5)The Audit Officer shall be supplied with a copy of the annual accounts authenticated by affixing the common seal of and duly passed by the Authority on or before 31st day of July following the year to which the accounts relate. Provided that on a request received from, the Authority the Government may for reasons to be recorded in writing, and with the concurrence of the Comptroller and Auditor General of India, extend the date of submission of annual accounts to the Audit Officer by such period as it may consider fit.(6)The Audit Officer shall audit and report on the annual accounts of the Authority within 3 months of the submission of accounts to him.(7)The accounts of the Authority 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 by the Audit Office annually to the Government within a period of three months from the date of submission of accounts by the Authority to the Audit Officer.(8)Initial accounts of stores-Initial accounts works and tools and plants (including special tools and plants) shall be maintained in accordance with such instruction as may from time to time be issued by the Authority.(9)Physical verification of Stores.-A physical verification of stores and tools and plants shall be made by an officer who is not the custodian thereof. The results of such verification together with the orders of the Authority for any shortages or excess of stores and tools and plants shall be communicated to the Audit Officer.(10)Impropriety or irregularity in accounts :(a)The Audit Officer shall furnish the Authority and the Government separately with a statement, where necessary in regard to any material impropriety or irregularity which he may observe in the expenditure or in the recovery of money due to the Authority.(b)The Authority shall forthwith remedy any defect or irregularity that may be pointed out by the Audit Officer and shall report to the Government the action taken by, it thereon within ninety days of the receipt of the report of the Audit Officer.Provided that, if there is any difference of opinion between the Authority and the Audit Officer, or if the Authority does not remedy any defect or irregulation within a reasonable period or render a satisfactory explanation in regard to the defect or irregularity, the Government may, and, on a reference specifically made, therefore, by the Audit Officer, shall in consultation with the Comptroller and Auditor General of India, pass such orders thereon as it thinks fit and the Authority shall thereafter take action in accordance therewith within such time as may be specified by the Government.
