Account and Audit

Education202460 of 61 sections available9 chapters

Chapter 8 ANNUAL REPORT ACCOUNT AND AUDIT

Statutory text

(1) The annual accounts and balance sheet of the University shall be prepared under the direction of Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University.
(2) The annual accounts of the University shall be audited by a Chartered Accountant, who shall be the member of Institution of Charted Accountants of India, to be appointed by the Board of Management on mutually agreeable terms for a period of three years.
(3) A copy of the annual accounts and balance sheet together with the audit report shall be submitted to the Governing Body on or before 31st of December following the close of the financial year on 31st March each year.
(4) The annual accounts, the balance sheet and the audit report shall be considered by the Governing Body at its meeting and shall forward the same to the State Government along with its observation thereon on or before 31st December each year.
(5) In the event of any material qualification in the report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University.

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