Annual accounts and audit

(1) The annual accounts of the University shall be prepared under the direction of the Vice-Chancellor and a copy shall be sent to the Government. (2) The accounts of the University shall, once at least in a year at intervals of not more than fifteen months be audited by the Controller of State Accounts. (3) The audited accounts of the University together with the auditor's report shall be published by the Government in the Official Gazette and copies thereof shall be placed before the Executive Council. (4) The annual accounts shall be considered by the Executive Council at its annual meeting. The Executive Council may pass resolutions with reference thereto and communicate the same to the Government. The Government shall take the suggestions made by the Executive Council into consideration and take any Act ion thereon as it thinks fit. The Government shall inform the Executive Council at its next meeting of the Act ion taken by it or of the reasons for not taking Act ion.