(1)The Statement of accounts of every completed financial year shall be placed for consideration of the Court together with the Audit Report in the next year. For this purposes the account shall be audited by a firm of chartered accountants subject to overall audit scrutiny by the Accountant General,(2)Such annual statement of accounts shall, together with copies of the audit report thereon, be submitted, through the executive council, to the Court and to the state Government and thereupon the State Government may publish the same in the official Gazette.(3)The Finance Committee of the University shall conduct quarterly internal audit and the report of such audit shall be submitted to the State Government regularly.(4)Notwithstanding anything contain hereinbefore, the State Government shall have power when deemed necessary to order and audit of the accounts of the University including those of the institutions managed by it by such auditors as it may direct.(5)The annual budget estimates, referred to in Section 16 (b) shall after these are finalized by the Executive Council be circulated to the State Government, Chancellor and all members of the Court at least fifteen days before they are submitted to Court.
