Accounts and Audit

(1) The Board shall establish policies to ensure that proper accounts are kept of all University financial transactions, assets, liabilities and a complete record of all other matters relating to finances. (2) The accounts of the University shall be audited annually by an auditor or auditors appointed by the Board and approved (3) The auditor shall make a written report upon the annual balance sheet and accounts of the University and in such report state whether he has or has not obtained the information and explanations required by him for the purpose of the audit, and whether in his opinion such accounts are properly drawn up so as to reflect a true and correct view of the affairs of the Board, according to the best of his information and the explanations given to him and as shown by the books of the University. 17 (4) The auditor shall transmit copies of his report made under sub-section (3) to the Board and to the Minister. (5) Notwithstanding anything contained in this section, the Minister may in his discretion, at any time, require the Auditor- General to examine and report on the accounts of the University, and the Board shall afford the Auditor-General all facilities for the examination of the University’s accounts as the Auditor- General may require.