Section 02(18) in UGC (Institutions Deemed to be Universities) Regulations, 2019
18.0Funds, Accounts, Audits and Annual Report.- i. The books of accounts of the Institution Deemed to be University shall be maintained, managed and operated in the name of the Institution Deemed to be University and not in the name of the sponsoring body or any other; and, shall be kept in such form as may be laid down by the Board of Management and conform to the rules, if any, prescribed in this regard by the Commission.ii. Funds shall not be diverted at any time from the accounts of the Institution Deemed to be University to any other accounts, including to the accounts of the Sponsoring body.iii. The Institution Deemed to be University shall get its books of accounts audited, annually and at such other frequency as shall be prescribed by the Commission, separately published and uploaded on the website of the Institution; and if such institution is funded by Central or State Government or through its agencies fully or partially, then the accounts of such Institution Deemed to be University shall be open for examination by the Controller and Auditor General of India; accounts of Institution Deemed to be University shall also, where required, be open for inspection by the Commission.iv. The annual financial statements and accounts shall be audited by a qualified professional, being a Member or Fellow of the Institute of Chartered Accountants of India, to be appointed by the Institution Deemed to be University.Provided that, the Commission may, on receipt of information in regard to financial impropriety or embezzlement or illegal diversion of funds from the accounts of the Institution Deemed to be University; or of fees being collected against the provision of the regulations, issue a notice directing the Institution Deemed to be University to show cause as to why an inspection, including a forensic audit, not be ordered in respect of the complaint, and after providing a reasonable opportunity to the respondent institution, the Commission may on being satisfied that there were sufficient grounds to proceed further, cause an inspection by a team of the Commission and also direct a forensic audit to be undertaken by a qualified Member or Fellow of the Institute of Chartered Accountants of India; the report of and the inspection team and the forensic audit report taken together shall form the basis for the Commission to take further action, as it may be Deemed fit, under these Regulations.v. Annual Reports and the Audit Reports shall be submitted by the Institution Deemed to be University to the Commission within nine months of the closure of the accounting year.
