Section 54 in Manipur International University Act, 2018
54. Annual Accounts.
(1)The Annual Accounts and Balance Sheet of the University shall be prepared by the Internal Auditor or Chief Accounts Officer of the University under the direction of the Governing Board and all the funds accruing to or received by the University froth whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University.(2)The Annual Accounts of the University shall be audited every year by a Chartered Accountant, who is a member or a fellow of the Institute of Chartered Accountants of India, to be appointed by the Governing Board on mutually agreeable terms, every year.(3)All cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of any loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University shall be reported by the Chartered Accountant, in his Audit report, which has to be submitted to the Governing Board. He shall also report on any other matter relating to the accounts of the University as may be required by the Governing Board.(4)The Governing Board shall forthwith remedy any defect or irregularity pointed out by the auditor and reports the action taken, to the Chancellor.(5)A copy of the. Annual Accounts and the Balance Sheet together with the audit report shall be submitted to the Governing Board on or before November 30 following the close of the financial year on March 31 each year.(6)The Annual Accounts, the Balance Sheet, and the Audit Report shall be considered by the Governing Board at its meeting and the Governing Board shall forward the same to the State Government along with its observation thereon on or before December 31 each year.
