Amendment status not verified — confirm the current text below against the official source.
(1) The University shall maintain proper accounts and other relevant records and prepare Annual Statement of Accounts, including Income and Expenditure and the Balance Sheet in such form, as may be specified by notification, by the Government. (2) An Internal Auditor shall audit the accounts of the University to ensure concurrent audit of all books of accounts and such periodical internal audit reports so prepared, shall be placed before the Finance Committee for its consideration. (3) The accounts of the University shall be audited every year by an Auditor, who shall be a Chartered Accountant, as defined in the Chartered Accountant Act 1949, or by a firm of Chartered Accountants, to be appointed by the Board of Governors. (4) The accounts of the University certified by the Chartered Accountant or the firm so appointed, or any other person authorized in this behalf, together with audit report thereon, shall be placed before the Board of Governors and the Board of Governors may issue such instructions to the University in respect thereof as it deems fit and the University shall comply with such instructions.