(1) The annual accounts including balance sheet of the University shall be prepared under the directions of the Board of Management 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 of the annual accounts together with the audit report shall be submitted to the Board of Management.
(3) A copy of the annual accounts and audit report alongwith the observations of the Board of Management shall be submitted to the Sponsoring Body.
(4) Copies of annual accounts and balance sheet prepared under subsection (1) shall also be presented to the State Government. The advice of the State Government, if any arising 57 Hkkx 4 ¼d½ jktLFkku jkt&i= ebZ 16] 2012 19¼57½ out of the accounts and audit report of the University shall be placed before the Board of Management. The Board of Management shall issue such directions, as it may deem fit and compliance shall be reported to the State Government.
41. Powers of the State Government to inspect the University:
- (1) For the purpose of ascertaining the standards of teaching, examination and research or any other matter relating to the University, the State Government may cause an inspection, to be made in such manner as may be prescribed, by such person or persons as it may deem fit.
(2) The State Government shall communicate to the University its recommendations in regard to the result of such inspection for corrective action. The University shall adopt such corrective measures and make efforts so as to ensure the compliance of the recommendations.
(3) If the University has failed to comply with the recommendations made under sub-section (2) within a reasonable time, the State Government may give such directions as it may deem fit for such compliance.