(1)The University shall maintain proper accounts and other relevant records, and prepare an annual statement of accounts including the income and expenditure account and balance sheet, in such form and in such manner as may be provided for by Regulations.(2)The University shall adopt a proper system of internal checks and balances and controls in the discharge of its finance, accounting and auditing functions as may be provided for by the Regulations.(3)The accounts of the University shall be audited not less than once in every year by a statutory auditor who shall be a Chartered Accountant as defined in the Chartered Accountant Act, 1949 as may be appointed by the Governing Board.(4)The annual statement of accounts shall, together with copies of the audit report, be submitted to the Governing Board and to the State Government and shall thereupon
