(1)The University shall maintain proper accounts and other relevant records and prepare an Annual Statement of Accounts, including the income and expenditure account and the balance sheet, in such form and in such manner as may be prescribed.(2)The University shall adopt a proper system of internal checks and balances and control in the discharge of its financial, accounting and auditing functions as may be prescribed by the Regulations;.(3)The accounts of the University shall be audited every year by an Auditor, who shall be a Chartered Accountant as defined in the Chartered Accountant Act, 1949, (XXXVIII of 1949) or a firm of Chartered Accountants, to be appointed by the Board.(4)The accounts of the University certified by the person or firm so appointed or any other persons authorized in this behalf together with the audit report thereon shall be placed before the Board and the Board may issue such instructions to the University in respect thereof as it deems fit and the University shall comply with such instructions.(5)The accounts of the University shall be audited by an internal auditor who shall be a Chartered Accountant or a firm of Chartered Accountants appointed by the Board to ensure concurrent audit of all books of accounts and such periodic internal audit reports shall be placed before the Board for review.(6)The University shall prepare for each year an annual report of its activities of the previous year containing such particulars as the Board may specify and submit the same in the form of annual report to the Board on or before such date as may be prescribed, for review and approval.(7)The copy of the annual report and annual audit report along with the resolution of the Board thereon shall be submitted to the State Government and it shall be laid, as soon as may be after it is received, before the State Legislature.
