Provision for maintenance of accounts

Every non-government college or institution shall maintain proper accounts and get them audited annually by a chartered accountant, and submit a copy of the audit report to the prescribed authority. Cashbook, treasury cheque books and account books relating to salaries and fees, vouchers and other papers relating to payment of salaries and fees of the institution and all other details of transaction as may be prescribed shall be kept in the custody of the principal of the institution. The responsibility of maintaining the accounts shall be of the principal and he shall make all books relating to accounts and all other papers available at the sight of audit.