Accounts and Audit

(1) The annual accounts of the University shall be prepared by the Comptroller under the direction of the Vice-Chancellor and all moneys accruing to or received by the University and all amounts disbursed and paid by the University shall be entered in the accounts. (2) The annual accounts and the balance sheet shall be submitted by the Vice-Chancellor to the State Government which shall cause audit to be carried out by a Chartered Accountant or the Accountant General as it may appoint in this behalf. The accounts when audited shall be printed and published in the Official Gazette and copies thereof together with the audit report shall be presented by the Vice-Chancellor to the Board and to the Chancellor. (3) The Board shall submit a copy of the accounts and report to the State Government along with the statement of the action taken by the University on the audit report and the State Government shall cause the same to be laid before the Legislative Assembly. (4) The Comptroller shall, before such as may be prescribed by the statutes, prepare the annual financial estimates for the ensuing year. (5) The annual accounts and the annual financial estimates prepared by the Comptroller shall be placed before the Board together with the remarks of the Finance Committee for approval of the Board and the Board may pass resolution with reference thereto and communicate the same to the Comptroller who shall take action in accordance therewith.