Amendment status not verified — confirm the current text below against the official source.
Account and Audit : (1) The annual accounts and balance sheet of the University shall be prepared under the direction ol Board of Management and all lunds accruing to or receive by the University from whatever source and all amount disabused or paid shall be entered in the accounts maintained by the University; (2) The annual accounts of the University shall be audited by a Chartered Accountant, who is the member of Institution of Charted Accountants of lndia, to be appointed by the Board ol Management on mutually agreeable terms for a period of three years; (3) A copy of the AnnualAccounts and Balance Sheet together with the audit report shall be submitted to the Board of Governors on or before December 31st following close of the financial year in March 31st each year; 192 (4) The annual accounts, the balance sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board ol Governors shall foMard the same to the Visitorand the State Government along with its observation thereon on cr belore December 31st each year ; (5) ln the event of any materialqualification in the report of the a.ditors, the Sate Government may issue directions to the Universiv, and such directions shall be binding on the University ;