Section 22 in Tamil Nadu Private Colleges (Regulation) Rules, 1976
22. Annual audit for accounts.
(1)Every educational agency of a college shall submit to the Director an annual financial statement for the period ending with the 31st day of March of that year and other subsidiary statements as may be prescribed by the Director, from time to time, not later than the 1st day of July of every year or within such further time, as may be permitted by the Director. The statements shall bear the signature of the Secretary of the Committee and the Principal.(2)The Director shall audit or to be audited by some person authorised by him by general or special order in writing in this behalf the financial statements, accounts and other records of the college.(3)(i)The competent authority shall forward a copy of the report on the audit of the accounts received under clause (a) of sub-section (2) of section 34 to the educational agency.(ii)The period within which the educational agency shall submit the report under clause (b) of sub-section (2) of section 34 shall be 30 days from the date of receipt of the report from the competent authority.(iii)Assessment of grant may be made on the basis of audit report. The final teaching grant will be sanctioned to the committee after deduction of the advance grants, if any, paid for that year.
