Account and Audit

(1) The annual accounts and balance sheet of the University shall be prepared under the direction of the Board of management and all funds accruing to or received by the University from whatever source and all amount disburses or paid shall be entered in the accounts maintained by the University. (2) The annual accounts of the University shall be audited by an auditor, who is a member of the Institute of Chartered Accountants of India, every year. (3) A copy of the annual accounts and the balance sheet together with the audit report shall be submitted to the Board of Governors well before 31 December following close of the financial year in 31 March each year. (4) The annual accounts, the balance sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Visitor and the State Government along with its observations thereon before the 31st December each year. (5) In the event of any material qualifications in the Report of the Auditors, the state Government may issue directions to the University, and such directions shall be binding on the University.