Account, Audit and report

(1) The University shall maintain proper accounts and other relevant Accounts, records and prepare an annual statement of accounts, including the income and expenditure accounts and the balance sheet, in such form and in such manner as may be prescribed. (2) The University shall adopt a proper system of internal checks and balances and control in the discharge of its financial, accounting and auditing functions as may be prescribed. (3) The audit of the accounts of the Uulversity shall be carried out by the Examiner State Audit department. (4) Special audit shall be carried out by tlie Comptroller and Auditor General of India or by such persons as. he may authorize in this behalf (5) The audit report of accounts referred under sub-section (3) shall be placed before the Board and the Board may issue such instructions to the Uulversity in respect thereof as it deems fit and the University shall comply with such instructions. (6) 1lie University shaH prepare for each year an annual repbil of its activities of the previous year contalningi such particulars as tlie Board/ Executive Council may specify and submit the same in the form of armunl report to the Board on or before such date as may be prescribed, for re`Jiew and approval. (7) The copy of the annual report and annual audit report along with the resolution of the Board thereon shall be submitted to the State Government.