Audit of Accounts

(1) The accounts of the University shall at least once in every year and at Intervals of not more than fifteen months, be audited in accordance with the provisions of the Orissa Local Fund Audit Act, 1948, (Orissa Act, 5 of 1984) and the provisions of that Act shall apply to such audit. (2) All reports on audit made under sub-section (1) shall, as soon as may be after 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. (3) The State Government shall have power to conduct special audit if required in respect of utilization of funds granted by the Government to a University and such University shall comply with the directions issued by the Government on such audit report.