Annual Accounts and Audit

(1) The Annual Accounts of the University shall be prepared under the direction of the Executive Council. (2) The annual accounts so prepared shall be considered by the Finance Committee at its next earliest meeting. The Finance Committee may pass a resolution with reference thereto and communicate the same to the Executive Council. The Executive Council shall consider the suggestions made by the Finance Committee and take such action thereon as it thinks fit and shall inform the Finance Committee at its next meeting the action taken by it or the reasons for not taking action. (3) The annual accounts of the University shall be audited by the Principal Director of Audit and State Accounts Department once in a year, preferably in the month of April. (4) The annual accounts so audited shall be placed before the Finance Committee and the Executive Council along with audit report and thereafter transmitted to the State Government with comments before the end of September in each year. The State Government shall lay the same before both the Houses of the State Legislature at their next earliest Session.