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 Comptroller of Finance under the direction of the Board and all moneys accruing to, or received by, the University from whatever sources and all amounts disbursed and paid by the University shall be entered in the accounts. (2) The accounts of the University shall, at least once in every year and at an interval of not more than fifteen months, be audited in accordance with the provisions 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 State Legislature for a total period of fourteen days which may be comprised of one or more sessions. (4) The Government shall have powers to conduct special audit if required in respect of utilization of funds and the University shall comply with the directions issued by the Government on such audit. (5) The auditors shall also report on any other matter relating to the accounts of the University as may be required by the Government. (6) The University shall forthwith rectify or remedy any defect or irregularity pointed out by the auditors and report the action taken to the Government.