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 disbursed or paid shall be entered in the accounts maintained by the University. (2) The annual accounts and the balance sheet of the University shall be audited by at least two auditors, who are members of the Indian Institute of Charted Accountants 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. (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 State Government along with its observations thereon.