Section 31 in Majuli University of Culture Act, 2017
31. Accounts and Auditing.
(1)The annual accounts of the University shall be prepared by the Finance and Accounts Officer under the direction of the Board and all monies accruing to, or received by the University, from whatever sources and all amount disbursed and paid by the University shall be entered in the Books of Account.(2)The Accounts of the University shall, at least once in every year and at interval of not more than fifteen months, be audited by Local Audit.(3)All reports of audit made under sub-section (2) shall, as soon as may be after they are received from the Examiner of the Local Audit, be laid before the State Legislature for a total period of fourteen days which may be comprised in one or more sessions.(4)The Government shall have power to conduct special audit if required in respect of utilization of funds and the University shall comply with the directions issued by Government on such audit.(5)The University shall forthwith rectify any defect or irregularity pointed out by the auditors and report the action taken thereon to the Government.
