({1) The annual report of the University shall be prepared by the Board ofManagement which shall include among othermatters, the steps taken by the University towards the fulfilment of its objects and shall be approved by the Governing Body and copy of the same shall be submitted to the sponsoring body.
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(2) Copies of the anriual report prepared under subsection (1) shall also be presented to the Government.
39. Annual accounts and audit— (1) The annual accounts including balance sheet of the University shall be prepared under the directions of the Board ofManagement and the annual - accounts shall be audited at least once in every year by the auditors appointed by the University forthis purpose.
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(2) Acopy of the, annual accounts together with the audit report shall be submitted to the Governing Body.
(3) A copy of the annual accounts and audit report alongwith the observations of the Governing Body shall be submitted to the sponsoring body.
lbe presented to the Government.
(5) The advice of the Government, if any, arising out of the accounts and audit report of the University shall be placed before the Governing Body and the Governing Body shall issue such direcfons, as it may deem fit and compliance thereof shall be reported to the Government.