Amendment status not verified — confirm the current text below against the official source.
(1) The annual accounts of the University shall be prepared by the Finance Officer under the direction of the Board and all monies accruing to, or received by the University from whatever sources and all amounts disbursed and paid by the University shall be entered in the Books of accounts. (2) The accounts of the University shall, at least once in every year and at interval of not more than fifteen months, be audited in accordance with the previsions of the Orissa Local Fund Audit Act, 1948 and the provisions of that Act shall apply to such audit. (3) All reports on audit made under sub-section (2) shall as soon as may be after they are received from the Examiner of Local Accounts, be laid before the Stale ' Legislature for a total period of fourteen days which may be comprised in one or more sessions. Power to borrow. Financial estimate. Accounts and auditing. Orissa Act 5 of 1948 18 (4) The Government shall have power to conduct special audit if required in respect of utilisation of funds and the University shall comply with the directions issued - by the Government on such audit. (5) The University shall forthwith rectify any defect or irregularity pointed out by the auditors and report the action taken to the Government.