Section 7, 1, This Act may be cited as the Audit Act, 1962.

If at any time it appears to, the Director of Audit that Eravd'any fraud. serious loss or irregularity has occurred in the receipt, custody or expenditure of public moneys or in the receipts, custody, issue, sale, transfer or delivery of any stamps, securities, stores or other Government property of any kind whatsoever, or in the accounting for the same, he shalI immediately bring the matter to the notice of the Financial Secretary. A 27