Chapter VI ACCOUNTS, AUDIT AND ANNUAL REPORT.

(1) The University shall maintain proper accounts and other relevant records, and prepare an annual statement of accounts, including the income and expenditure of account and the balance sheet, in such form and in such manner as may be prescribed by the regulations.(2) The accounts of the University shall be audited every year and in any case within six months from the date of closing of the financial year by the auditor who shall be a Chartered Accountant as defined in the Chartered Accountant Act, 1949 or a firm of Chartered Accountants appointed by the Board.(3) The accounts of the University certified by the auditor or the firm so appointed or any other person authorised in this behalf together with the audit report thereon shall be placed before the Board and the Board may issue such instructions to such authority of the University in respect thereof as it deems fit and the authority shall comply with such instructions.(4) The University shall adopt a proper system of internal checks and balances and control in respect of finance, accounts and audit as may be prescribed by the regulations.(5) The accounts of the University shall be audited by an internal auditor who shall be appointed by the Board to ensure concurrent audit of all books of accounts, and such periodic internal audit reports shall be placed before the Board for its consideration.(6) The accounts relating to grant-in-aid instituting together with the audit report shall be placed before the Board and shall also be submitted to the State Government.

(1) The University shall prepare each year the annual report for the financial year containing such particulars as the Board may specify and shall be submitted to the Board on or before such date as may be prescribed by the regulations. The Board shall consider such report and may pass resolutions thereon and the Executive Council shall take such action in accordance with the resolution. The action taken by the Executive Council and if no action is taken, the reasons for taking no action shall be communicated to the Board at its meeting.