Amendment status not verified — confirm the current text below against the official source.
(1) The annual accounts and balance sheet of the University shall be prepared under the direction of Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University; The annual accounts of the University shall be audited by a Chartered Accountant, who is the member of lnstitution of Charted Accountants of lndia, to be appointed by the Board of Management on mutually agreeable terms for a period of three years; A copy of the Annual Accounts and Balance Sheet together with the audit report shall be submitted to the Governing Body on or before 31"t of December following the close of the financial year on 31"1March each year; The annual accounts, the balance sheet and the audit report shall be considered by the Governing Body at its meeting and shall forward the same to the State Government along with its observation thereon on or before 31't December each year; ln the event of any material qualification in the report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University. 25 (2) (3) (4) (5) Mode of Proof of University Report Power of State Government to inspect the University Dissolution of the University by the sponsoring body Expenditure of the University during dissolution