Annual Account and Audit

(1) The Annual Account of the University shall be prepare under the direction of the Board of Management. (2) The account of the University shall, at [east once a yeat, be audited by the auditors appointed by the Board of Management: Provided that the State Government shall have the power to direct, whenever considered necessary, an audit of the account of the University, including the institutions managed by it, by such auditor, as it may specify. (3) The account when audited shall be published by the Board of Management and a copy of the account together with the audit report shall be placed before the Board of Governors and shall also be submitted to the Government. (4) The Annual Accounts shall be considered by the Board of Governors at its annual meeting. The Board of Governor may pass resolution with reference thereto and communicate the same to the Board of Management. The Board of Management shall consider the suggestions made by the Board of Governors and take such action thereon as it thinks fit. The Board of Management shall inform the Board of Governors at its next meeting all action taken by, or the reasons for not taking action.