Section 13 of The Technology Development Board Act, 1995 — Accounts and audit
Bare section text
Official Legislative Text
- (1)The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.
- (2)The Comptroller and Auditor-General of India or any other person appointed by him in connection with the auditing of the accounts of the Board under this Act shall have the same rights and privileges and the authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the auditing of the Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Board under this Act.
- (3)The accounts of the Board shall be audited by the Comptroller and Auditor-General of India annually and any expenditure incurred in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General of India.
- (4)The Board shall furnish to the Central Government before such date as may be prescribed its audited copy of accounts together with auditor's report.
Educational Study Layer
Summary
- The Board must keep correct accounts and other important records.
- Every year, the Board has to prepare a statement of its accounts.
- The format of these accounts is decided by the Central Government along with the Comptroller and Auditor General of India.
- The Comptroller and Auditor General of India (the top government auditor) is the one who audits the Board every year.
- The Board has to pay for the costs of this audit.
- The Board must send its audited accounts and the auditor's report to the Central Government by a specific date.
Practical examples
FAQ
1. Who is responsible for checking the Board's financial records?
The Comptroller and Auditor General of India (C&AG) or someone they appoint handles the audit.
2. Does the Board get free auditing services?
No, the Board must pay the Comptroller and Auditor General for the expenses of the audit.
3. Who decides what the annual statement of accounts should look like?
The Central Government decides the form after consulting with the Comptroller and Auditor General of India.
4. What powers does the auditor have when checking the Board?
The auditor can demand to see books, accounts, vouchers, and any other relevant papers, and they can inspect any of the Board's offices.
Practice Quiz
Q1.Under Section 13 of The Technology Development Board Act, 1995, who must the Central Government consult before deciding the form of the Board's accounts?
Q2.Under Section 13 of The Technology Development Board Act, 1995, how often must the accounts of the Board be audited?
Q3.Under Section 13 of The Technology Development Board Act, 1995, who is responsible for paying the costs of the audit?
Q4.Under Section 13 of The Technology Development Board Act, 1995, what specific documents can an auditor demand from the Board?
Q5.Under Section 13 of The Technology Development Board Act, 1995, what must the Board furnish to the Central Government?