The funds established under section 55 and 56 shall be regulated and maintained in such manner as may be prescribed by Statutes.

Account and Audit 59.

1. (1) The annual accounts and balance sheet of the University shall be prepared under the direction of Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University.
2. (2) The annual accounts of the University shall be audited by a Chartered Accountant, who is the member of Institution of Charted Accountants of India, to be appointed by the Board of Management on mutually agreeable terms for a period of three years.
3. (3) A copy of the Annual Accounts and Balance Sheet together with the audit report shall be submitted to the Board of Governors on or before December 31 following the close of the financial year on March 31 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 shall forward the same to the State Government along with its observation thereon on or before December 31 each year.
5. (5) In the event of any material qualification in the report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University.