Accounts and audit

(1) The annual accounts and balance sheet of the University shall be prepared by the Finance Officer under the direction of the by the University from whatever source and all amount disbursed or paid shall be entered in the accounts. (2) The Finance Officer shall, before such date as may be prescribed by the Statutes, prepare the budget of the University for the ensuing year. (3) The annual accounts and the annual financial estimates prepared by the Finance Officer shall be placed before the Board together with the remarks of the Finance Committee for approval and the Board may pass resolution with reference thereto and communicate the same to the Finance Officer who shall take action in accordance therewith. (4) The annual accounts shall be audited in the prescribed manner by such auditors as the State Government may direct and the cost of such audit shall be a charge on the University fund. (5) The accounts when audited shall be printed and copies thereof, together with the audit report, shall be submitted by the Vice-Chancellor to the Board which shall forward them to the State Government with such comments as may be deemed necessary.