(1) The accounts of the University shall be audited atleast once every year and in any case within six months of the closure of the financial year by the auditors appointed by the Board of Governors from amongst the firms of Chartered Accountants whose partners have no interest in any of the authorities or affairs of the University.
(2) The audited accounts shall be published by the University and a copy thereof together with the copy of the auditor's report shall be placed before the Board of Governors and submitted to the Chancellor and the Government.