Amendment status not verified — confirm the current text below against the official source.
Account and Audit.- (1) The annual Accounts and Balance sheet of the University shall be prepared under the direction of the Finance Committee and all funds accruing to or received by the University from all source and all amounts disbursed or Paid shall be entered in the account maintained by the University. (2) The annual accounts of the University shall be audited by an Auditor, who shall be a member of the Institute of Charted Accountants of India. (3) A copy of the Annual accounts and the Balance Sheet together with the Audit Report shall be submitted to the Board of Governors before closure of the financial year. (4) The annual Accounts, the Balance Sheet and the Audit Report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward their copies to the Visitor and the Government and the Karnataka State Higher Education Council along with its observations. (5) In the event of any objections and suggestions in the report of the Auditors, the State Government may issue directions to the University to rectify the mistakes and such directions shall be binding on the University.