Annual audit of accounts

(1) The accounts of every private educational institution shall be audited at the end of every academic year by a Chartered Accountant in practice within the meaning of the Chartered Accountants Act, 1949 (Central Act XXXVIII of 1949). (2) The manager shall, within six months after the end of the Academic year, submit to the competent authority the report of such Chartered Accountant on the audit of the accounts under sub- section (1).