Section 41. Accounts and Audit

(1) the annual account or balance sheet of the University shall be prepared under the direction of the Executive Council and shall, once at least every year, and at intervals of not more than fifteen months, be audited by the Director, Local Fund accounts, Uttar Pradesh or by such person or persons as the state Government may authorize in this behalf. (2) A copy of the annual accounts and the balance sheet together with the audit report thereon shall be submitted to the State Government along with the observations, if any of the Executive Council before the thirteenth September every year. (3) Any observation made by the State Government on the annual accounts shall be brought to the notice of the Executive Council and the views of the Executive Council, if any, on such observations shall be submitted to the State Government.