Annual Accounts

(1) The annual accounts and balance sheet of the University shall be prepared under the directions of the Board of Management and the annual accounts shall be audited at least once every year by the Auditors appointed by the University for this purpose. (2) A copy of the annual accounts together with the audit report shall be submitted to the Governing Body. (3) A copy of the annual accounts, audit report along with the observations of the Governing Body shall be submitted to the Visitor and the State Government. (4) The direction of the State Government on the subject arising out of the accounts and audit report of the University shall be binding on the University.