(1)The accounts of the University shall be maintained on the basis and principles of double entry accounting system, and the method of accounting to be followed shall be the mercantile system as prescribed by the State Government.

(2)The accounts of the University shall be audited at least once every year and in any case within four months of the closure of the financial year by the auditors appointed by the University from amongst the Comptroller and Auditor General (CAG) of India empanelled Chartered Accountant firms whose partners have no interest in any of the authorities or affairs of the University.

(3)The Finance and Accounts Committee shall comply with the remarks and discrepancies as shown in the audit report in any case within one month of the receipt of such audit report and submit the same for approval of the Syndicate in any case within six months from the close of the financial year.

(4)Audited accounts shall be published by the University and a copy thereof, together with the copy of the auditor’s report shall be submitted to the State Government within six months of the closure of the financial year.

(5)The State Government shall provide for conduct of the test audit or full audit of the accounts of the University at regular intervals by the auditors appointed by the Principal Accountant General (Audit), Jharkhand and auditors appointed by the Audit Directorate, Finance Department of Jharkhand or as prescribed by the Statutes.

(6)The University shall engage retired audit officer from the Office of the Principal Accountant General (Audit) Jharkhand, or Audit Directorate, Jharkhand for the purpose of Pre Audit in the University, who shall ensure internal review of financial transactions and records that takes place before a formal audit on a regular basis in accordance with government rules and audit regulations.