Amendment status not verified — confirm the current text below against the official source.
Annual Accounts. - (1) The annual accounts and balance sheet of a Private University shall be prepared under the directions of the Executive Council and shall, once at least every year and at intervals of not more than fifteen months, be audited by an experienced and qualified firm of Chartered Accountant eligible for conducting audit as per the provisions of the Chartered Accountant Act, 1949 (Central Act XXXVIII of 1949). (2) A copy of the annual accounts, together with the audit report thereon, shall be submitted to the Governing Council and the Chancellor along with the observations of the Executive Council for their approval.