Amendment status not verified — confirm the current text below against the official source.
Accounts and Audits - (1) The Finance Officer shall keep regular accounts of all receipts and disbursements for each financial year separately in such form and containing such particulars as may be prescribed. (2) (a) The accounts of the University shall be audited annually or if the Sponsoring Institution so directs in any case at short intervals. 18 (b) The audit referred to in clause (a) shall be made by auditor appointed by the University or Sponsoring Institution, as the case may be, for the purpose and the auditor shall send a report to the University or Sponsoring Institution, as the case may be, containing such particulars as may be, prescribed. (3) It shall be the duty of the Finance Officer and all officers and servants working under him to afford the auditor all such assistance and facilities as may be necessary for the audit of the accounts of the University. 32.Financial estimates-(1) The Finance Officer shall prepare before such date as may be prescribed by the Statutes the financial estimates for the ensuing financial year along with the annual accounts whether audited or not, of the preceding financial year and after they are considered by the Financial Committee submit them to the Executive Council for approval. (2) The Sponsoring Institution shall fix the block grant for the University normally for a period of five years: Provided that any liability which the University may have incurred with the approval of the Sponsoring Institution and which was not envisaged at the time of fixing the block grant shall in addition to the block grant, be reimbursed. 33.Power to incur unforeseen expenditure- The Executive Council may, for reasons to be recorded in writing, incur any expenditure for which no provision has been made in the budget or which is in excess of the amount provided for in the budget. CHAPTER -VII GENERAL