Annual accounts and audit

(1) The annual accounts including balance sheet of the University shall be prepared under the direction of the Board of Management and the annual accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose. (2) A copy of the annual accounts together with the audit report shall be submitted to the Governing Body. (3) A copy of the annual accounts and audit report alongwith the observations of the Governing Body shall be submitted to the sponsoring body. (4) Copies of annual accounts and balance sheet prepared under sub-section (1) shall also be presented to the Regulatory Commission and the Government. The Government shall cause such accounts and balance sheet to be laid before the Legislative Assembly. (5) The advice of Regulatory Commission and the Government, if any, arising out of the accounts and audit report of the University shall be placed before the Governing Body and the Governing Body shall issue such directions, as it may deem fit and compliance thereof shall be reported to Regulatory Commission and the Government.