Accounts and audit

34. (1) The University shall maintain proper account and other relevant records and prepare an annual statement of accounts, including income and expenditure account and the balance sheet in such form and in such manner as may be prescribed.

1. (2) The University shall adopt a proper system of internal checks and balances and controls in the discharge of its financial, accounting and auditing functions as may be prescribed.
2. (3) The accounts of the University shall be audited every year by an auditor, who shall be the Chartered Accountant, as defined in the Chartered Accountant Act, 1949 or a firm of Chartered Accountant, to be appointed by the Board.
3. (4) The accounts of the University certified by the Chartered Accountant or firm so appointed or any other person authorized in this behalf, together with audit report thereon shall be placed before the Board and the Board may issue such instructions to the University in respect therefor as it deems fit and the University shall comply with such instructions.
4. (5) An internal auditor shall audit the accounts of the University to ensure concurrent audit of all books of accounts and such periodical internal audit report shall be placed before the Board for review.