(1) The annual accounts and balance sheet of the University shall be prepared under the directions of the Executive Council and shall, once at least every year and at intervals of not more than fifteen months, be audited by an agency specifically authorised in this behalf by the State Government from time to time.
(2) The annual accounts, when audited, shall be printed and copies thereof, together with the audit report there on, shall be submitted to the Court along with the observations of the Executive Council.
(3) A copy of the annual accounts together with the audit report, as submitted to the Court under sub-section (2), along with the observations, if any, made by the Court thereon, shall be submitted to the State Government, which shall, as soon as may be, cause the same to be laid before the State Legislature.