(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 State 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 the Chartered Accountant, as defined in the Chartered Accountant Act, 1949, or a firm of Chartered Accountant, to be appointed by the Board.
(4) The accounts of the University certified by the Chartered Accountant or firm so appointed or any other person authorized in this behalf, together with audit report thereon shall be placed before the Board and the Board may issue such instructions to the University in respect thereof as it deems fit and the University shall comply with such instructions.