Provided that the University shall have power to invest the provident fund amount as the Government may direct.

Accounts and Audit Accounts and Audit.—

1. (1) All the moneys received by, or accruing to, the University and all amounts disbursed and paid by the University shall entered in the accounts of the University.
2. (2) The annual accounts of the University shall be prepared by the Registrar under the direction of the Vice-Chancellor.
3. (3) The accounts of the University shall be audited by the Director of Local Fund Accounts: Provided that the Comptroller and Auditor General shall be competent to audit the accounts of the University in respect of the grants disbursed by the Government and utililsed by the University.
4. (4) The University shall bear the cost of the audit as fixed by the Government.
5. (5) The auditors shall maintain a continuous audit of the account of the University and may, after giving due intimation conduct local audit of any institution under the management and control of the University.
6. (6) After completing the audit for a year or for any shorter period or for any transaction or series of transactions, the auditors shall send a report to the University and duplicate copy thereof to the Government.
7. (7) The auditors shall specify in the report under sub-section
8. (6) all cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of any loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University.
9. (8) The auditors shall also report on any other matter relating to the accounts of the University as may be required by the Government.
10. (9) The University shall forthwith rectify any defect or irregularity pointed out by the auditors and report the action taken to the Government.
11. (10) The audited accounts of the University shall be go printed and copies thereof together with the audit report as well as a statement on the action taken by the University on the audit report shall be presented by the Vice-Chancellor to the Syndicate, the Government and the Chancellor; and the Government shall cause a copy of the same to be laid before the Legislative Assembly.