(1) The annual accounts and balance sheet of the University shall be prepared by the Comptroller under the direction of the Vice-Chancellor and all moneys accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts.
(2) The Comptroller shall, before such date as may be prescribed by the Statutes, prepare the annual financial estimates for the ensuing year.
(3) The annual accounts and the annual financial estimates prepared by the Comptroller shall be placed before the Board together with the remarks of the Finance Committee for approval and the Board may pass resolution with reference thereto and communicate the same to the Comptroller who shall take action in accordance therewith.
(4) The annual accounts shall be audited in the prescribed manner by such auditors as the State Government may direct and the cost of such audit shall be a charge on the University fund.
(5) The accounts when audited shall be printed and copies thereof, together with the audit report, shall be submitted by the Vice-Chancellor to the Board which shall forward them to the State Government with such comments as may be deemed necessary.
(6) The University shall settle objections raised in the audit and carry out such instructions as may be issued by the State Government on the audit report.