Account and audit.

(1) The Annual Accounts and Balance Sheet of the University shall be prepared under the direction of the 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) The Annual Accounts of the University shall be audited every year by a chartered accountant, who is a member of the Institute of Chartered Accountants of India. (3) A copy of the Annual Accounts and the Balance Sheet together with the audit report shall be submitted to the Board of Governors on or before the 31st December following closure of the financial year on the 31st March each year. (4) The Annual Accounts, the Balance Sheet and the audit report shall be placed before the Board of Governors at its meeting for consideration and approval and the Board of Governors shall forward the same to the Visitor and to the State Government on or before the 31st December each year. (5) In the event of any observation relating to deficiencies in financial management in the Report of the Chartered Accountant, the State Government may issue directions to the University, and such directions shall be binding on the University.