47. Audit of accounts of Wakfs.- (1) The accounts of Wakfs submitted to the Board under section 46 shall be audited and examined in the following manner, namely-
(a) in the case of a Wakf having no income or a net annual income not exceeding ten thousand rupees, the submission of a statement of accounts shall be a sufficient compliance with the provisions of Section 46 and the accounts of two per cent of such Wakfs shall be audited annually by an auditor appointed by the Board;
(b) the accounts of the Wakf having net annual income exceeding ten thousand rupees shall be audited annually, or at such other intervals as may be prescribed, by an auditor appointed by the Board from out of the panel of auditors prepared by the State Government and while drawing up such panel of auditors, the State Government shall specify the scale of remuneration of auditors;
(c) the State Government may, at any time cause the account of any Wakf audited by the State Examiner of Local Funds or by any other officer designated for that purpose by that State Government;
(2) The auditor shall submit his report to the Board and the report of the auditor shall among other things, specify all cases of irregular, illegal or improper expenditure or of failure to recover money or other property caused by neglect or misconduct and any other matter which the auditor considers it necessary to report; and the report shall also contain the name of any person who, in the opinion of the auditor, is responsible for such expenditure or failure and the auditor shall in every such case certify the amount of such expenditure or loss as due from such person.
(3) The cost of the audit of the accounts of a Wakf shall be met from the funds of that Wakf:
Provided that the remuneration of the auditors appointed from out of the panel drawn by the State Government in relation to Wakfs having a net annual income of more than ten thousand rupees but less than fifteen thousand rupees shall be paid in accordance with the scale of remuneration specified by the State Government under Clause (b) of sub-section (1):
Provided further that where the audit of the accounts of any Wakf is made by the State Examiner of Local Funds or any other officer designated by the State Government in this behalf, the cost of such audit shall not exceed one and a half per cent of the net annual income of such Wakf and such costs shall be met from the funds of the Wakfs concerned.
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