Accounts and Audit

(1) Every educational institution receiving grant or grant-in-aid from State funds or from other sources shall maintain accounts in such manner and in such form as directed by the authorities under this Act. (2) The accounts of every educational institution receiving grant or grant-in-aid or moneys from other sources shall be audited at the end of every academic year by persons notified by the Director from time to time. After audit, the statement of accounts shall be submitted to the Director.