Section 45 — Accounts and Audit

(1) All funds accruing to or received by the University from whatever source and all amounts disbursed or paid shall be entered in the accounts maintained by the University. (2) The annual financial statements of the University consisting of the Income & Expenditure Account and Balance Sheet shall be prepared under the direction of the Finance Committee. (3) The annual financial statements of the University shall be audited every year by a chartered accountant, who is a member of the Institute of Chartered Accountants of India. (4) A copy of the annual financial statements together with the auditor’s report shall be submitted to the Board of Governors on or before December 31 following the close of the financial year on March 31 each year. (5) The annual financial statements and the auditor’s report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Visitor and the State Government along with its observations thereon, if any, on or before December 31 each year. (6) In the event of any material qualifications in the Report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University.