Amendment status not verified — confirm the current text below against the official source.
(1) The Annual Accounts and the 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 whatsoever source and all amount disbursed or paid shall be entered in the accounts maintained by the University. (2) The annual account of the University shall be audited every year by a Charted Accountant, who is member of the Institute of Charted Accountant of India. (3) The annual accounts and the Balance Sheets together with the audit report shall be submitted to the Board of Governors, on or before 31st December following closure of the Financial year on the 31st March every year. (4) The annual accounts, the Balance sheet and the audit report shall be placed before the Board of Governors at its meeting for consideration and approval and the Board of Governors, after according its approval, shall forward the same to the State Government on or before 31st December each year. (5) In the event of any observation relating to deficiencies in financial management in the Report of the Charted Accountant, the State Government may issue directions to the University, and such directions shall be binding on the University.