Section 45. Accounts and audit

(1) The annual accounts and balance sheet of the University shall be prepared by the Finance Officer under the direction of the Vice -chancellor and all moneys accruing to or received by the University from whatever source and all amounts disbursed or paid shall be entered in the accounts. (2) Such accounts shall be audited in such manner and by such auditors as the State Government may direct and the cost of such audit shall be a charge on the University Fund. (3) The accounts when audited shall be printed and copies thereof, together with 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 deemed necessary.