(1) The annual statement of accounts of the University based on double entry system of accounting shall be prepared by the Comptroller under the direction of the Vice-Chancellor and all moneys accruing to or received by the University from whatever source and all amounts disbursed or paid by the University shall be entered in the accounts.
(2) The annual accounts and the balance sheet shall be submitted by the Vice- Chancellor to the Government, which shall cause an audit to be carried out by such persons as it may appoint in this behalf. The accounts when audited shall be printed and copies thereof, together with the audit report, shall be presented by the Vice- Chancellor to the Board and the Chancellor.
(3) The Board shall submit a copy of the accounts and the report to the Government along with a Statement of the action taken by the University on the audit report, and the Government shall cause the same to be laid before both Houses of the State Legislature.
(4) The University shall cause to issue an audit utilization certificate in respect of Schemes and KVKs/TVKs sponsored by ICAR, GOI and other projects \ institutions certified by a Charted Accountant.