(1) The annual statement of accounts of the University for a financial year shall be prepared by the Finance Officer, under the direction of the Board of Management, within a period of two months, after the close of the financial year.
(2) The annual accounts as approved by the Board of Management shall be audited by the Auditor appointed by the State Government.
(3) The annual accounts, as approved by the Board of Management shall be printed and copies thereof shall, together with the copy of the audit report and a copy of the statement showing the action taken by the University on the objections and points raised by the Auditor in his previous reports, shall be forwarded by the Board of Management as soon as possible and in any case, within the period of nine months from the end of financial year to-
(a) the Chancellor;
(b) the State Government;
(c) the Director of Higher Education; and
(d) the Auditor appointed by the State Government.
[(3A) 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.]
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(5) It shall be competent for the State Government to give directions to the University regarding the manner in which the accounts relating to certain specific activities or schemes shall be maintained or to take necessary action against the authority, the officer or any employee of the University found guilty in the audit report for committing irregularities and the University shall act according to the directions of the State Government.