(1)The annual accounts and balance sheet of the University shall be prepared under the direction of the Executive Council and shall, once at least every year, and at intervals of not more than fifteen months, be audited by the Director, Local Fund Accounts, Uttarakhand or by such person or persons as the State Government may authorize in this behalf.(2)The annual accounts, the balance-sheet and the audit report shall be considered by the Court at its annual meeting and the Court may, by resolution make recommendations with reference thereto and communicate the same to the Executive Council.(3)A copy of the annual accounts and the balance sheet together with the audit report thereon shall be submitted to the State Government along with the observation, if any, of the Executive Council on the recommendations of the Court before the thirtieth of September, every year.(4)Any observations made by the State Government of the annual accounts shall be brought to the notice of the Executive Council and the views of the Executive Council, if any, on such observations shall be submitted to the State Government.(5)It shall not be lawful for the Vice-Chancellor or the Executive Council to incur any expenditure not sanctioned in the budget, or in the case of funds granted to the University, subsequent to the sanction of the budget, by the State or the Government of India or the University Grants Commission or any international organization or Foundation, save in accordance with the terms of such grant :Provided that the Vice-Chancellor may, in the case of fire, floods, excessive rainfall or other sudden or, unforeseen circumstances, incur nonrecurring expenditure upto rupees ten thousand not sanctioned in the budget.
