(1)The Annual Accounts and Balance Sheet of the University shall be prepared under the directions of the Executive Council and shall, once at least every year and at intervals of not more than fifteen months, be audited by an experienced and qualified firm of Chartered Accountants of repute.(2)A copy of the Annual Accounts, together with the audit report thereon, shall be submitted to the Court and the Chancellor along with the observations of the Executive Council.(3)Any observations made by the Chancellor on the annual accounts shall be brought to the notice of the Court and the Executive Council and the observations, if any, shall after review by the Executive Council, be submitted to the Chancellor and shall be put in the public domain.
