Accounts and audit.

(1) The University shall maintain proper accounts and other records, and prepare an annual statement of accounts, including the income and expenditure account and the balance sheet, in such form and in such manner as may be prescribed by the Regulations. (2) The University shall adopt a proper system of internal checks and balances and controls in the discharge of its finance, accounting and auditing functions as may be prescribed by the Regulations. (3) The accounts of the University shall be audited not less than once per year by an auditor who shall be a Chartered Accountant or a firm of Chartered Accountants as defined in the Chartered Accountant Act, 1949 who shall be appointed by the Board. (4) The accounts of the University certified by the person or 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 the University in respect thereof as it deems fit and the University shall comply with such instructions. (5) The accounts of the University shall be audited by an internal auditor who shall be a Chartered Accountant or a firm of Chartered Accountants 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 review. (6) The University shall prepare each year a report of its activities during the previous year and submit it in the form of an annual report to the Board for review and approval.