(1) The annual accounts of the University shall be prepared by the Finance Officer under the direction of the Vice-Chancellor, and all monies accruing to or receive 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 out by an auditor appointed by it, in consultation with the Comptroller and Auditor General of India. 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 and the Chancellor.
(3) The Executive Council shall submit a copy of the accounts and the audit report to the State Government along with the statement of the action taken by the University on the audit report, and the State Government shall cause the same to be laid before each House of the State Legislature.