Section 46. Account and Audit

(1) The Annual Accounts and Balance Sheet of the University shall be prepared under the direction of the Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University. (2) The Annual Accounts of the University shall be audited every year by a Chartered Accountant, who is a Member of the Institute of Chartered Accountants of India, to be appointed by the Board of Management on mutually agreeable terms for a period of three years. (3) A copy of the Annual Accounts and the Balance Sheet together with the Audit Report shall be submitted to the Board of Governors on or before December 31 following close of the financial year in March 31 each Year. (4) The Annual Accounts, the Balance sheet and the Audit Report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to Visitor and the State Government along with its observation thereon on or before December 31 each year.