Section 3 in The Petroleum and Natural Gas Regulatory Board (Annual Statement of Accounts and Records) Rules, 2017
3. Annual Statement of Accounts and other relevant records.
(1)At the end of a period of twelve months ending on 31st March of every year, the Board shall prepare the following financial statements along with necessary Schedules, Notes on Accounts and significant accounting policies in accordance with the notes and instructions for compilation of financial statements prescribed by the Government of India, Ministry of Finance, Controller General of Accounts:(i)Receipts and Payment Account in Form-A.(ii)Income and Expenditure Account in Form-B; and(iii)Balance Sheet in Form - C(2)The Secretary of the Board shall supervise the maintenance of the accounts of the Board, the compilation of financial statement and return, and shall ensure that all accounts, books, connected vouchers and other documents and papers of the Board required by the Audit Officer for the purpose of auditing the accounts of the Board are placed at the disposal of that officer.(3)The Annual Statement of Accounts will be placed before the Board for approval before submission to Comptroller Auditor General of India for certification.(4)The Annual Statement of Accounts duly approved by the Board and after certification by the Comptroller and Auditor General of India or his authorised representative, shall be submitted by the Secretary of the Board to the Central Government on or before 30th April of the following year to which the account relate.(5)The Annual Statement of Accounts shall be submitted to the Audit Officer on or before the 30th June following the year to which the accounts relate and the Audit Officer shall audit the accounts of the Board and report thereon.(6)The Board shall, on receipt of the audit report, rectify any defect or irregularity pointed out therein and report to the Central Government and the Audit Officer about the action taken by it thereon.
