Annual accounts audit and financial estimates

Education200546 sections8 chapters

Chapter V FINANCE

Statutory text

(1) The annual accounts of the University shall be prepared and audited under the direction of the Finance Committee and shall be submitted to the Executive Council for review.,
(2) The Executive Council shall, after the accounts are audited, submit a copy thereof along with a copy of the audit report to the State Government.
(3) The Executive Council shall, having regard to the Government grants that are likely to be available, prepare before such date as may be prescribed, the financial estimates for the ensuing year.
(4) The annual accounts shall be considered by the Executive Council at its meeting and may pass resolutions with reference thereto and communicate the same to the Finance and Accounts Committee which shall take them into consideration and take such action thereon as it thinks fit, and finally adopt the accounts. The Finance Committee shall inform the Executive Council at its next meeting of the action taken by it or if no action is taken, the reasons for taking no action.,
(5) The State Government may conduct the test audit or full audit of the accounts of the University by the auditors appointed by the State Government, when it requires so to do.

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