Annual Accounts

(1) The annual accounts and balance sheet of the University shall be prepared under the directions of the Executive Council and their audit shall be conducted at least once a year by an experienced and qualified firm of renowned Chartered Accountants, which shall not exceed an interval of fifteen months, and shall be forwarded to the Chancellor and the State Government with the observations of the Executive Council. (2) A copy of the annual accounts along with the audit report shall be presented before the Court along with the observations of the Executive Council.