(1) ¹[Every Institute] shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance-sheet in such form as the Central Government may by rules prescribe in consultation with the Comptroller and Auditor-General of India.
     (2) The accounts of ²[every Institute] shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by ²[every Institute] to the Comptroller and Auditor General of India.
     (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of ²[every Institute] shall have the same rights, privileges and authority in connection with such audit as the Comptroller General of India has in connection with the audit 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 the offices of ²[every Institute] as well as of the institutions established and maintained by it.
     (4) The accounts of ²[every Institute] as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before both Houses of Parliament.