Section 41(3) in The Nalanda Open University Act, 1995
(3)(i)Within six months of the receipt of the auditor's report under sub-section (2) the Executive Council shall appoint an ad-hoc Committee consisting of the Examiner of Local Accounts, Bihar, and eight such members of the Executive Council as are not members of the Finance Committee.(ii)The said Committee shall be known as the University Audit Committee and shall have power, for the purpose of examining the auditor's report to call for explanations from the controlling and disbursing officers and it may-(a)suggest ways and means to avoid in future any misuse of the University Fund or irregularity in the accounts of the University;(b)suggest the recovery of any sum on account of any payment contrary to law from a University authority, officer or other employees or from any person making or authorising such payment, or the recovery of the amount of any loss or deficiency from the person responsible therefor or any amount which ought to have been but which is not brought into account from the person failing to account for such amount.
