Annual accounts

(1) The annual accounts and the balance sheet of the University shall be prepared under the direction of the Vice-Chancellor and approved by Board of Management and shall, at least once every year and at intervals of not more than fifteen months, be audited by the Comptroller and Auditor General of India or such person or persons as he may authorize in this behalf. A copy of the annual accounts together with the audit report shall be submitted to the Chancellor along with the observations, if any, of the Board of Management. Any observation made by the Chancellor on the annual accounts shall be brought to the notice of the Board of Management. A copy of the annual accounts together with the audit report as submitted to the Chancellor, shall also be submitted to the Government, which shall, as soon as may be, cause the same to be laid before the Legislative Assembly of Delhi.