55. Interval at which accounts of auqaf may be audited.
(1)The accounts of the waqf under the management of mutawalli/managing committee having net annual income exceeding fifty thousand rupees shall be submitted by such mutawalli/managing committee for audit within three months of the close of the financial year.(2)The case of waqf having net annual income, not exceeding fifty thousand rupees, submission of statement of accounts shall be sufficient and two percent of such auqaf shall be audited by the auditor of the Board.(3)Such accounts shall be audited within one year of the close of the financial year or within two years with the approval of the Chairperson for reasons to be recorded.
