Section 53. Annual Accounts and Audit

(1) The University shall prepare and maintain proper accounts and other relevant records, and prepare an annual statement of accounts including the income and expenditure account and balance sheet, in such form and in such manner as may be provided by the regulations. (2) The University shall adopt a proper system of internal checks and balances and controls in the discharge of its finance, accounting and auditing functions as may be provided by the regulations. (3) The Accounts of the University shall be audited not less than once in a year by a qualified auditor appointed by the Governing Board, who shall be a Chartered Accountant as defined in the Chartered Accountants Act, 1949. (4) The Accounts of the University certified by the person or firm so appointed under sub-section (3) or any other person authorized in this behalf together with the audit report thereon shall be placed before the Governing Board and the Governing Board may issue such instructions to the University in respect thereof as it deems necessary and the University shall comply with such instructions.