Section 28 in Visvesvaraya Technological University Act, 1994
28. Accounts and Auditing.
(1)The annual accounts and the balance sheet of the University shall be prepared under the direction of the Vice-Chancellor and all money accruing to or received by the University from whatever source and all amounts disbursed or paid by the University shall be entered in the accounts.(2)The annual accounts and the balance sheet shall be submitted by the Vice- Chancellor to the State Government which shall cause an audit to be carried out by such persons as it may appoint in this behalf. The accounts when audited, shall be printed and copies thereof, together with the audit report, shall be presented by the Vice-Chancellor to the Executive Council and the Chancellor.(3)The Executive Council shall submit a copy of the accounts and audit report to the State Government along with a statement of the action taken by the University on the reports, and the State Government shall cause the same to be laid before both Houses of the State Legislature.
