(l) The annual accounts and the balance sheet of the University shall be prepared under the directions of the Vice-Chancellor, and approved by the Board of Governors and shall, at least once every year be audited by the Comptroller and Auditor General of India or such person or persons as he may authorize in this behalf.
(2) A copy of the accounts together with the audit report shall be submitted to the Chancellor along with the observations, if any, of the Board of Governors.
(3) Any observation made by the Chancellor on the annual accounts shall be brought to the notice of the Board of Governors.
(4) A copy of the accounts together with the audit report, as submitted to the Chancellor, shall also be submitted to the Government, which shall, as soon as may be, cause the same to be laid before the Legislative Assembly of Delhi.