Amendment status not verified — confirm the current text below against the official source.
Annual accounts and audit.- (1) The Cluster University shall maintain proper accounts and other relevant records and prepare Annual 30 THE SARDAR VALLABHBHAI PATEL CLUSTER UNIVERSITY, MANDI, HIMACHAL PRADESH (ESTABLISHMENT AND REGULATION) ACT, 2018 Statement of Accounts, including Income and Expenditure and the Balance Sheet, in such form, as may be prescribed. (2) An Internal Auditor shall audit the accounts of the Cluster University to ensure concurrent audit of all books of accounts and such periodical internal audit report so prepared shall be placed before the Finance Committee for its consideration. (3) The accounts of the Cluster University shall be audited every year by an Auditor, who shall be the Chartered Accountant, as defined in the Chartered Accountant Act, 1949 (38 of 1949) or a firm of Chartered Accountant, to be appointed by the Board of Management. (4) The accounts of the Cluster University together with audit report thereof certified by the Chartered Accountant or firm so appointed under sub- section (3), shall be placed before Chancellor, who may issue such directions to the Cluster University in respect thereof, as it deems fit, and the Board of Management shall comply with such directions.