(1) The accounts of the University shall be maintained on the basis and principles of double entry accounting system, and the method of accounting to be followed shall be the mercantile system by following the Maharashtra Universities Account Code as prescribed by the State Government.
(2) The accounts of the University shall be audited at least once every year and in any case within four months of the close of the financial year by the auditors appointed by the Governing Council from amongst the firms of Chartered Accountants whose partners have no interest in any of the authorities or affairs of the University. The University shall comply with the remarks and discrepancies as shown in the audit report in any case within one month of the receipt of such audit report.
(3) The audited accounts shall be published by the University and a copy thereof, together with the copy of the auditor’s report and compliance report shall be submitted to the Chancellor and the State Government and shall be submitted for approval before the Governing Council in any case within six months from the close of the financial year.
(4) The State Government shall cause the audited annual accounts of the University, received by it, to be laid before each House of the State Legislature.
(5) The State Government shall provide for conduct of the test audit or full audit of the accounts of the University at regular intervals by the auditors appointed by the State Government.