Section 34. Accounts and Audits

(1) The annual accounts and balance-sheet of the University shall be prepared under the directions of the Board of Management and shall, once at least every year and at interval of not more than fifteen months, be audited by experienced and qualified firm of Chartered Accountant of repute. (2) A Copy of the annual accounts, together with the audit report thereon, shall be submitted to the Senate and the Chancellor along with the observations of the Board of Management. (3) Any observations made by the Chancellor on the annual accounts shall be brought to the notice of the Senate and the Board of Management and the observations, if any, shall after review by the Board of Management, be submitted to the Chancellor.