Section 47 in Shri Guru Ram Rai University Act, 2016
47. Accounts and Audit.
(1)The accounts of the University shall be opened in any nationalized Bank.(2)The annual account and the balance sheet of the University shall be prepared under the direction of the Board of Management and all funds accruing to or received by the University from whatever source and all amounts disbursed or paid shall be entered in the accounts maintained by the University.(3)The annual accounts of the University shall be audited by auditor, who is the member of the Institute of Chartered Accountants of India, every year.(4)A copy of the annual account and the balance sheet together with the audit report shall be submitted to the Board of Governors well before 31st December following closing of the financial year on 31 March every year.(5)The annual accounts, the balance sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Visitor and the State Government along with its observations thereon before the 31st December each year.(6)The direction of the State Government on the subject arising out of the account and the audit report of the University shall be binding on the University.
