Account and audit

Account and audit.-

1. (1) The annual accounts and balance sheet of the Institute shall be prepared under the direction of the Board of Management and all funds accruing to or received by the Institute from all source and all amount disbursed or paid shall be entered in the account maintained by the Institute.
2. (2) The annual accounts of the Institute shall be audited annually by an auditor, who is a member of the Institute of Charted Accountants of India.
3. (3) A copy of the annual accounts and the balance sheet together with the audit report shall be submitted to the Board of Governors before 30th November following close of the financial year in 31st March of each year.
4. (4) The annual accounts, the balance sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Government along with its observations thereon before the 31st December of each year.
5. (5) In the event of any material alteration in the Report of the Auditors, the Government may issue directions to the Institute, and such directions shall be binding on the Institute.