Section 5 in The Competition Commission Of India (Form Of Annual Statement Of Accounts) Rules, 2009
5. Annual statement of accounts
.-(1) At the end of a period of twelve months ending with 31st March of every year, the Commission shall prepare the following financial statements alongwith necessary schedules, notes on accounts and significant accounting policies in accordance with the notes and instructions for compilation of financial statements prescribed by Government of India, Ministry of Finance, Controller-General of Accounts as modified and annexed to these rules:-(i)balance sheet,(ii)income and expenditure account,(iii)receipt and payment account.(2)The balance sheet, income and expenditure account and receipt and payment account and the schedules referred to in sub-rule (1), shall be approved and adopted by the Commission or a Committee authorised by the Commission in this behalf and, for purposes of authentication, be signed by the Chairman and one Member of the Commission.(3)The approved accounts of the Commission shall be forwarded by the Commission to the Comptroller and Auditor-General of India or any other person appointed by him on his behalf within three months after the expiry of the year for the purposes of audit.(4)The annual accounts of the Commission, as certified by the Comptroller and Auditor General of India or any other person appointed by him in his behalf, together with the audit report thereon after adoption by the Commission shall be forwarded to the Central Government for laying before both the Houses of Parliament.
