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. (2) A copy of the annual accounts and audit report along-with the observations of the Board of Management shall be submitted to the Sponsoring Body. (3) Copies of annual accounts and balance sheet prepared