Section 38 in The M.P. Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Adhiniyam, 2007
38. Annual account and audit.
(1)The annual accounts including balance sheet of the private university shall be prepared under the directions of the Board of Management and the annual accounts shall be audited at least once every year by the auditors appointed by the private university for the purpose.(2)A copy of the annual accounts together with the audit report shall be submitted to the governing body.(3)A copy of the annual accounts and audit report along with the observations, if any, of the governing body shall be submitted to the Visitor and the Regulatory Commission.(4)The Regulatory Commission shall examine the annual report and accounts and audit report and the directions of the Regulatory Commission on the subject arising out of the annual report and accounts and audit report of the private university shall be binding on the private university.
