(1) The annual accounts of the University shall be prepared by the Comptroller under the direction of the Vice-Chancellor and all monies accruing to, or received by the University, from whatever source and all amounts disbursed and 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 State Government, which shall cause an audit to be carried by an auditor appointed by it. The accounts when audited shall be printed and copies thereof, together with the copies of the audit report shall be presented by the Vice-Chancellor to the Executive Council, the Pro-Chancellor and the Chancellor within three months from the date on which the accounts as audited are received by the Vice-Chancellor.
(3) The Executive Council shall submit a copy of the accounts and the audit report to the State Government within nine months from the end of the financial year, and the State Government shall cause the same to be laid before each House of the State Legislature.
(4) The Executive Council shall, every year, along with a copy of the accounts and the audit report, referred to in sub-section (3) submit to the State Government a statement showing the action taken by the University on all the earlier audit reports showing the number of points on which action has been taken and the number of points on which action has been initiated and those on which action is yet to be initiated.