Annual Accounts and Audit

(1) The annual accounts and the balance sheet of the University shall be prepared under the direction of the Board of Management and at least once every year and at intervals of not more than fifteen months, be audited by an experienced and qualified firm of Chartered Accountants of repute. (2) A copy of the annual accounts and the balance sheet together with the audit report and the observations of the Board of Management shall be submitted to the President and the Board of Governors for consideration in the Annual Meeting. (3) The Board of Governors in its annual meeting shall consider and approve the annual accounts and audit report. Observations on annual accounts, if any, shall be brought to the notice of the Board of Management. The Board of Management after reviewing the observations, if any, shall submit the audit report before the President for approval. (4) A copy of the annual account and balance sheet duly approved by the Board of Governors shall be sent to the Visitor and the State Government before 31st December each year for information and uploading it in the website of the concerned Department. (5) The directions of the State Government on the subject arising out of the account and the audit report of the University shall be binding on the University.