Accounts and audit require portfolio managers to keep separate client accounts and permit independent chartered accountant audits and client inspections. Portfolio managers must maintain separate client-wise accounts recording all receipts, investments, disinvestments, credits, debits and tax deducted at source. Annual audits of the books are required by a qualified auditor to confirm proper accounting and legal compliance, with a certificate possibly submitted to the Board. Portfolio accounts must also be audited annually by an independent chartered accountant with the certificate given to the client, and clients may appoint a chartered accountant to audit their transactions, with the portfolio manager obliged to cooperate.