(1) The annual accounts and the 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 intervals of not more than fifteen months, be audited by the Comptroller and Auditor -General of India or such person or person as he may authorise in this behalf.
(2) A copy of the accounts together with the audit report shall be submitted to the Visitor along with the observations, if any, of the Board of Management.
(3) Any observations made by the Visitor on the annual accounts shall be brought to notice of the Board of Management and the views of the Board of Management, if any, on such observations shall be submitted to the Visitor.
(4) A copy of the accounts together with the audit report, as submitted to the Visitor, shall also be submitted to the Central Government, which shall, as soon as may be, cause the same to be laid before both the Houses of Parliament.
(5) The audited annual accounts, after having been laid before both the Houses of Parliament, shall be published in the Gazette of India.