Section 31 in Indian Institute of Teacher Education, Gujarat Act, 2010
31. Accounts, Audit and Annual Report.
(1)The annual accounts and balance sheet of the University shall be prepared under the direction of the Executive Council and shall, every year, be audited by the auditors appointed by the State Government.(2)The annual accounts, the balance sheet and the audit report shall be considered by the Executive Council at its annual meeting and it may, by resolution make recommendations with reference thereto and communicate the same to the Finance Committee.(3)A copy of the annual accounts and the balance sheet together with the audit report thereon shall be submitted by the University to the State Government along with the statement of action taken by the University on the said report.(4)Any observations made by the State Government on the annual accounts shall be brought to the notice of the University and the compliance report on such observations shall be submitted to the State Government.(5)The Executive Council shall also prepare, before such date as may be prescribed by the Statutes, the financial estimates for the ensuing year. The annual accounts and financial estimates shall be considered by the General Council shall also prepare, before such date as may be prescribed by the Statutes, the financial estimates for the ensuing year. The annual accounts and financial estimates shall be considered by the General Council at its annual meeting and may be passed with such modifications as the General Council may deem fit.
