Amendment status not verified — confirm the current text below against the official source.
(I) The University shall maintain proper accounts and other relevant records and prepare an Annual Statement of Accounts, including the income and expenditure account and the balance sheet, in such form and in such manner as may be prescribed. (2) The University shall adopt a proper system of internal checks and balances and control in the discharge of its financial, accounting and auditing functions as may be prescribed by the Regulations. (3) The accounts of the University shall be audited every year by an auditor, who shall be a Chartered Accountant as defined in the Chartered Accountants Act, 1949 or a firm of Chartered Accountants, to be appointed by the Board. (4) The accounts of the University certified by the person or fitm so appointed or any other persons authorized in this behalf together with the audit report thereon shall be placed before the Board and the Board may issue such instructions to the University in respect thereof as it deems fit and the University shall comply with such instructions. (5) The accounts of the University shall be audited by an internal auditor who shall be a Chartered Accountant or a firm of Chartered Accountants appointed by the Board to ensure concurrent audit of all books of accounts.and · such periodic internal audit reports shall be placed before the Board for review. 38of