Audit of Accounts

Audit of Accounts.—

1. (1) The annual accounts and balance sheet of a Private University shall be prepared under the directions of the Executive Council and shall, once at least every year and at intervals of not more than fifteen months, be audited by an experienced and qualified firm of Chartered Accountant eligible for conducting audit as per the provisions of the Chartered Accountant Act, 1949.
2. (2) A copy of the annual accounts, together with the audit report thereon, shall be submitted to the Governing Council and the Chancellor along with the observations of the Executive Council for their approval.
3. (3) The audited accounts along with the annual report shall be submitted to the Government and the Regulatory Authority within six months of the close of the financial year.
4. (4) The audited accounts shall be placed on the website of the university.