(1) The annual accounts including balance sheet o f the University shall be prepared under the directions o f the Board o f M anagement and the annual accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose.
(2) A copy o f the annual account together w ith the audit report shall be submitted to the Board o f M anagem ent.
(3) A copy o f the annual accounts and audit report al'ongwith the abservations o f the Board o f M anagem ent shall be subm itted to the Sponsoring Body.
(4) Copies o f annual accounts and balance sheet prepared under sub-section
(1) shall also be presented to the State Government. The advice o f the State Government, if any, arising out o f the accounts and audit report o f the University shall be placed before the Board o f M anagem ent. The Board o f M anagem ent shall issue such directions, as it may deem fit and compliance shall be reported to the State Government.
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