Section 5C of The Dock Workers (Regulation of Employment) Act, 1948The डॉक कर्मकार (नियोजन का विनियमन)अधिनियम,1948
1[5C. Accounts and audit.--(1) Every Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including a balance-sheet in such form as may be prescribed by rules made under this Act.
- (2)The accounts of the Board shall be audited annually by the Comptroller and Auditor-General of India or by such other auditors qualified to act as auditors of companies under the law for the time being in force relating to companies, as the Government may appoint.
- (3)The auditors shall, at all reasonable times, have access to the books of accounts and other documents of the Board and may, for the purposes of the audit, call for such explanation and information as they may require or examine any member or officer of the Board.
- (4)The auditors shall forward to the Government a copy of their report together with an audited copy of the accounts of the Board.
- (5)The cost of the audit as determined by the Government shall be paid GUI of the funds of the Board.]
Summary
- Every Board must keep accurate accounts and other important records of its money and activities.
- Each year, the Board must prepare a formal statement of its accounts, which must include a balance sheet showing its financial health.
- These accounts must be checked or audited every year by the Comptroller and Auditor-General of India or other qualified auditors.
- The auditors have the right to look at all of the Board's books and documents at any reasonable time.
- Auditors can ask Board members or staff for information or explanations they need to finish the audit.
- The Board has to pay for the cost of this audit using its own money.
Practical examples
FAQ
1. Who checks the Board's money records?
The accounts are audited annually by the Comptroller and Auditor-General of India or other qualified auditors appointed by the Government.
2. Can a Board hide documents from the auditor?
No, auditors must have access to books of accounts and documents at all reasonable times and can examine any member or officer.
3. Who pays for the audit?
The cost of the audit is paid out of the funds of the Board itself.
4. What specific financial document must the Board prepare annually?
They must prepare an annual statement of accounts, which must include a balance sheet.
Test yourself
Q1.Under Section 5C of The Dock Workers (Regulation of Employment) Act, 1948The डॉक कर्मकार (नियोजन का विनियमन)अधिनियम,1948, how often must the accounts of the Board be audited?
Q2.According to Section 5C of The Dock Workers (Regulation of Employment) Act, 1948The डॉक कर्मकार (नियोजन का विनियमन)अधिनियम,1948, who has the primary authority to audit the Board?
Q3.Under Section 5C of The Dock Workers (Regulation of Employment) Act, 1948The डॉक कर्मकार (नियोजन का विनियमन)अधिनियम,1948, where does the money to pay for the audit come from?
Q4.Under Section 5C of The Dock Workers (Regulation of Employment) Act, 1948The डॉक कर्मकार (नियोजन का विनियमन)अधिनियम,1948, what can auditors do if they need more information?
Q5.Under Section 5C of The Dock Workers (Regulation of Employment) Act, 1948The डॉक कर्मकार (नियोजन का विनियमन)अधिनियम,1948, who receives a copy of the audit report and audited accounts?