Section 58 in The SreeNarayanaGuru Open University Act, 2021
58. Annual accounts.—
(1)The annual accounts of the University shall be prepared by the Finance Officer under the direction of the Syndicate and shall submit it to the Government for audit purposes.(2)The Syndicate, shall publish the annual accounts together with the audit repor thereon and copies of such accounts and audit report shall be submitted to the Government.(3)The Government shall appoint auditors to conduct the audit of accounts of the University and the institutions under the management of the University at regular intervals.(4)The funds being received by the University through sources other than the Government, shall be subject to audit as may be prescribed by the funding agency concerned.(5)The auditor shall maintain continuous audit of the accounts of the University and may, after giving due intimation, conduct local audit of any institution under the management of the University.(6)The University shall bear the expenses of the audit as fixed by the Government.(7)After completing the audit for a year or for any short period or for any transaction or series of transactions, the auditor shall sent a report to the University and a copy thereof to the Government.(8)The University shall place the annual accounts together with the audit report thereon before the Syndicate and after receiving the approval of the Syndicate, the same shall be submitted to the Government on or before the first day of March of the succeeding year.(9)Immediately on receipt of the annual report under sub-section (8), the Government shall, cause the same to be laid on the Table of the Legislative Assembly, if it is in session, and if it is not in session, it shall be caused to be laid in the next session immediately following the receipt of such accounts.(10)The auditor shall, in the report under sub-section (7) specifically state all cases of irregular, illegal or improper expenditure or of failure to recover money or other property due to the University or of a loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University.(11)The auditor shall also report on any other matter related to the accounts of the University as may be required by the Government.(12)The University shall forthwith rectify any defect or irregularity pointed out by the auditor and report the action taken to the Government.
