(1)The annual accounts (including the balance sheet) of the University shall be prepared by the Finance Committee under the direction of the Executive Council and shall be audited within six months of the close of the financial year by the auditors appointed by the Senate.(2)The accounts, when audited, shall be published by the Executive Council, and a copy thereof shall, together with the copy of the audited report, be submitted to the Senate.(3)The Finance Committee shall prepare, before such date as may be prescribed by the Statutes, the financial estimates for the ensuing year.(4)The financial estimates, as approved by the Executive Council, shall be submitted, to the Senate, which shall consider and pass them with such modifications as it thinks fit. The annual accounts as approved by the Executive Council shall be submitted to the Senate, which may consider and pass such resolutions thereon as it thinks fit.(5)The financial year of the University shall be the same as that of the State Government.
