Amendment status not verified — confirm the current text below against the official source.
(1) The University shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the income and expenditure 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 controls in the discharge of its financial, accounting and auditing functions as may be prescribed. (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 Accountant 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 firm so appointed or any other person 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. (6) The University shall prepare for each financial year an annual report containing such particulars as the Board may specify and submit the same to the Board on or before such date as may be prescribed. The Board shall consider such report and may Accounts and Audit. 38 of 1949. PART IV ] GUJARAT GOVERNMENT GAZETTE, EX. 20-10-2021 26-17 pass resolution thereon and thereupon the Finance Committee shall take action in accordance with such resolution. The action taken by the Finance Committee on such resolution and if no action is taken, the reasons for not taking any action shall be communicated to the Board. (7) The copy of the annual report along with the resolution of the Board thereon shall be submitted to the State Government.