Accounts and Audit

(1) The annual accounts of the University shall be prepared by the Comptroller of Finance under the direction of the Board and all moneys accruing to, or received by the University from every sources and all amounts disbursed and paid by the University shall be entered in the Books of Accounts. (2) The accounts of the University shall, at least once in every year and at an interval of not more than fifteen months, be audited in accordance with the provisions of the Odisha Local Fund Audit Act, 1948. (3) All reports on audit made under sub-section (2) shall, as soon as they are received from the Examiner of Local Accounts, be laid before the State Legislature for a total period of fourteen days which may be comprised in one or more sessions. (4) The Government shall have the power to conduct special audit, if required, in respect of utilisation of funds and the University shall comply with the directions issued by the Government on such audit. (5) The University shall forthwith rectify any defect or irregularity pointed out by the auditors and report the action taken to the Government.