Annual accounts and audit.

<span style="margin-left:15px;"></span>(<i>1</i>) The annual accounts and balance sheet of the university shall be prepared under the directions of the Board of Management and the annual accounts shall be audited at least once in every year by the auditors appointed by the university for this purpose. <br> <span style="margin-left:15px;"></span>(<i>2</i>) A copy of the annual accounts together with the audit report shall be submitted to the Governing Body. <br> <span style="margin-left:15px;"></span>(<i>3</i>) A copy of the annual accounts and audit report along with the observations of the Governing Body shall be submitted to the sponsoring body. <br> <span style="margin-left:15px;"></span>(<i>4</i>) The copies of annual accounts and balance sheet prepared under sub-section (<i>1</i>) shall also be presented to the Government. <br> <span style="margin-left:15px;"></span>(<i>5</i>) The advice of the Government, if any, arising out of the accounts and audit report of the university shall be placed before the Governing Body and the Governing Body shall issue such directions, as it may deem fit and compliance thereof shall be reported to the Government.<br>