Every educational institution receiving grants out of State funds and other sources shall maintain accounts in such manner and containing such particulars as may be prescribed.

Annual audit of account Annual audit of account

1. (1) The accounts of every educational institution receiving grants out of State funds and other sources shall be audited at the end of every academic year in such manner after following such procedure and by such authority, officer or person as may be prescribed and different authorities, officers or persons may be prescribed for different classes of educational institutions.
2. (2) The authority, officer or person as may be prescribed shall have full access to the account books and other documents required to be maintained by the educational institution in respect of grants received by it out of State funds and other sources and shall send a copy of the report on the audit of the accounts under sub-section
3. (1) to the appropriate authority who shall forward the report to such other authority as may be prescribed.