Amendment status not verified — confirm the current text below against the official source.
(1) The University shall maintam~ proper accounts and other relevant records and prepare an annual statement of accounts, including the income and expenditure statement and the balance sheet, in such form and in such manner as may be prescribed by the regulations. (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 by the regulations. (3) The accounts of the University shall be auditefl every year by an auditor, who shall be a Chartered Accountant as defined by clause Cb) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 or a firm of Chartered Accountants, to be appointed by the Board of Governors. (4) The accounts of the University certified by the Chartered Accountant or a firm of Chartered Accountants so appointed together with the audit report thereon shall be placed before the Board of Governors and the Board of Governors may issue such ' ons and directions to the Vior in respect thereof as it deems fit and the ViIlor shall comply with such ons and directions. (5) The accounts of the University shall be aufhted by an internal auditor who shall be a Chartered Accountant or a firm of Chartered Accountants appointed by the Board of Governors, to ensure 38 of 1949. Accouftlts, audit and ann~ual report. 9 18 GUJARAT GOVERNMENT GAZETTE, EX. 07-04-2015 [ PART IV concurrent audit of all books of accounts and such periodic internal audit reports shall be placed before the Board of Governors for review. Pension, provident fund and insurance. ~Acts and proceedings not to be invalidated by vacancies. Returns and information. Officers and employees to be public servants. (6) The University shall prepare in each financial year an annual report containing such particulars as the Board of Governors may specify and submit the same to the Board of Governors on or before such date as may be prescribed. The Board of Governors shall consider such report and may pass resolutions thereon. (7) The copy of the annual report along with the resolution of the Board of Governors thereon shall be submitted to the State Government.