54. Account and audit.- (1) The annual accounts and balance sheet of the
University shall be prepared under the direction of the Board of Management and allfunds accruing to or received by the University from all source and all amountdisbursed or Paid shall be entered in the account maintained by the University.(2)The annual accounts of the University shall be audited by an auditor, who isa member of the Institute of Charted Accountants of India, every year.(3)A copy of the annual accounts and the balance sheet together with the auditreport shall be submitted to the Board of Governors before 30th November followingclose of the financial year in 31st March of every year.(4)The annual accounts, the balance sheet and the audit report shall beconsidered by the Board of Governors at its meeting and the Board of Governors shallforward the same to the visitor and the Government along with its observation thereonon or before 31st day December of every year.(5)In the event of any material alteration in the Report of the Auditors, theState Government may issue directions to the University, to rectify the alterations andsuch directions shall be binding on the University.
