Section 61A(3) in Karnataka Municipal Corporations Act, 1976
(3)The Standing Committee for accounts, in addition to the powers and duties assigned to it under the regulations,-(a)shall supervise the utilization of the budget grants;(b)shall have access to the accounts of the corporation, and may require the Commissioner to furnish any clarification which it considers to be necessary as to the receipts and expenditure of the Corporation fund;(c)may conduct a monthly audit of the Corporation accounts and shall be bound to check the monthly abstract of receipts and disbursements for the preceding month as furnished by the Commissioner; and(d)may, subject to the approval of the Corporation, write off the amount of any loss, or depreciation caused to Corporation property which appears to the committee to be irrecoverable:Provided that where the amount of any such loss or depreciation exceeds rupees one thousand it shall not be written off except with previous sanction of the Government.
