Annual accounts and audit.

(1) The annual accounts including balance sheet of the University shall be prepared under the directions of the Board of Management and the annual accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose. (2) A copy of the annual accounts together with the audit report shall be submitted to the Board of Management. (3) A copy of the annual accounts and audit report alongwith the observations of the Board of Management shall be submitted to the Sponsoring Body. (4) Copies of annual accounts and balance sheet prepared under sub-section (1) shall also be presented to the State Government. The advice of the State Government, if any, arising out of the accounts and audit report of the University shall be placed before the Board of Management. The Board of Management shall issue such directions, as it may deem fit and compliance shall be reported to the State Government.