Section 43 in Bihar Private Universities Act, 2013
43. Annual Accounts and Audit.
(1)The annual accounts including balance sheet of the University shall be prepared under the directions of the Board of Management and the annual accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose.(2)A copy of the annual accounts to get her with the audit report shall be submitted to the Governing Body.(3)A copy of the annual accounts and audit report alongwith the observations of the Governing Body shall be submitted to the sponsoring body.(4)Copies of annual accounts and balance sheet prepared under sub section (1) shall also be presented to the Visitor and the State Government. The advice of the Government or the Visitor, if any, arising out of the accounts and audit report of the University shall be placed before the Governing Body. The Governing Body shall issue such directions, as it may deem fit and compliance shall be reported to the Visitor or the Government, as the case may be.
