(1) The Government shall appoint auditors to conduct the audit of the accounts of the University and the institutions under the management of the University at regular intervals.
(2) The auditor shall maintain a continuous audit of the accounts of the University and may, after giving due intimation, conduct local audit of any institution under the management of the University.
(3) The University shall bear the cost of the audit as fixed by the Government.
(4) After completing the audit for a year or for any short period or for any transaction or series of transactions, the auditor shall send a report to the University and a duplicate copy thereof to the Government.
(5) The auditors shall specify in the report under sub-section (4) all cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of a loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University.
(6) The auditors shall also report on any other matter related to the accounts of the University as may be required by the Government.
(7) The University shall forthwith remedy any defect or irregularity pointed out by the auditors and report the action taken to the Government.