(1)The accounts of every Money-Lender shall be audited at least once in every year by a person who is a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949,(38 of 1949.) and the audit report shall be submitted to the Registrar within such period as may be prescribed.(2)If the audit report under sub-section (1) discloses any irregularity or any contravention or non-compliance of the provisions of this Act or the rules made thereunder, or of any of the conditions of the registration, the Registrar to whom such audit report is submitted, may without prejudice to any other action that may be taken under any other provision of this Act, by order in writing direct the Money-Lender to take such action as may be specified in the order within the time mentioned therein to remedy the irregularity, or to take such steps necessary to comply with the provisions of this Act or the rules made thereunder or of the conditions of the registration.
