Amendment status not verified — confirm the current text below against the official source.
Annual accounts and audit.- (1) The annual accounts including balance sheet of the University shall be prepared under the directions of the Board of Management and the annual accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose. (2) A copy of the annual accounts together with the audit report shall be submitted to the Governing Body. (3) A copy of the annual accounts and audit report alongwith the observations of the Governing Body shall be submitted to the sponsoring body.