Chapter VIII ACCOUNTS, AUDIT AND ANNUAL REPORT

The Annual Report shall be prepared by the University every financial year which shall include among other matters, the steps taken by the University towards the fulfillment of its objectives and shall be submitted to the Government.

(1) The Annual Accounts including balance sheet of the University shall be prepared by the University in a fair and transparent manner and the annual accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose. (2) A copy of the Annual Financial Statements together with the Audit Report shall be submitted to the Government every financial year. (3) The Governing Board shall be responsible for accurate and detailed preparation of the Annual Financial Statements, and the timely submission of the same with the Annual Report. (4) The advice of the Government, if any, arising out of the accounts and audit report of the University shall be placed before the Governing Body. The Governing Body shall issue such directions, as it may deem fit, and compliance shall be reported to the Government.