Annual accounts, audit and financial estimates

44. Annual accounts, audit and financial estimates 44. (I) The arn1ual accoullts of the Universit)' shall be prepared under the direction of the Board, by the Finance and Accounts Officer and all moneys accruing to or received by the University from whatever source and all nmounts disbursed and paid by the University shall be entered in the accounts. (2) The Board shall prepare before such date as may be prescribed, the financial estimates for the ensuing year having regard to the Government grants that are likely to be available. (3) The arurnal accounts and the f:nancial estimates shall be considered and a resolution adopting the accounts and financial estimates shall be passed by the Board at its annual meeting. (4) The annual accounts so adopted shall be submitted by the Vice- Chancellor to the State Government for audit which shall cause an audit to be carried out by an auditor appointed hy the State . Goverrunent, m consultation with the Accountant General, Gujarat State. (5) The Board shall, after the accounts arc audited, submit a copy thereof aioni:;with a copy of audit report and statement of !he action taken by the University on the audit report to the State Govenuncnt which shall cause the same to be laid before the State Legislature.