Annual Accounts and Audit

(1) The Annual Accounts of the University shall be prepared under the directions of the Executive Committee. (2) The accounts of the University shall, at least once in a year, be audited by the auditors appointed by the Executive Committee. Provided that the State Governmentshall have power to direct, whenever considered necessary, an audit of the account of the University, including the institutions managed by it, by such auditors, as it may specify. (3) The accounts when audited shall be published by the Executive Committee and a copy of the accounts together· with the audit report shall be placed before the Governing Council and also shall be submitted to the State Government. (4) The Annual Accounts shall be considered by the Governing Council at its annual meeting. The Governing Council may pass resolutions with reference thereto and communicate the same to the Executive Committee. The Executive Committee shall consider the suggestions made by the Governing Council and take such action thereon as itthinks fit. The Executive Committee shall inform the Governing Council at its next meeting all actions taken by it or the reasons for not taking action.