Section 39 of The "Tribhuvan" Sahkari University Act, 2025
- (1)The University shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance-sheet, in such form and accounting standards as may be provided by it in consultation with the Comptroller and Auditor-General of India.
- (2)The accounts of the University shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by it in connection with such audit shall be payable by the University to the Comptroller and Auditor-General of India.
- (3)The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the University shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts, and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the University.
- (4)The accounts of the University as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government on or before the expiry of nine months from the closing of financial year and that Government shall cause the same to be laid before each House of Parliament.
Summary
- The University must keep proper financial records and prepare an annual statement of accounts including a balance sheet.
- The University decides the form and accounting standards after consulting with the Comptroller and Auditor-General of India.
- The Comptroller and Auditor-General of India is responsible for auditing all the University's accounts.
- The University must pay for the costs and expenses incurred by the Auditor-General for this audit.
- Audited accounts and the audit report must be sent to the Central Government within nine months of the end of the financial year to be shown to Parliament.
Practical examples
FAQ
1. Who has the right to inspect the University's financial books?
The Comptroller and Auditor-General of India and anyone they appoint for the audit have this right.
2. Does the University have to pay for its own audit?
Yes, any expenditure incurred by the Auditor-General in connection with the audit is payable by the University.
3. What is the deadline for the government to receive the audited accounts?
The accounts and audit report must be forwarded to the Central Government within nine months of the financial year closing.
Test yourself
Q1.Under Section 39 of The "Tribhuvan" Sahkari University Act, 2025, who must the University consult when deciding on accounting standards?
Q2.According to Section 39 of The "Tribhuvan" Sahkari University Act, 2025, what powers does the Auditor-General have during a University audit?
Q3.Under Section 39 of The "Tribhuvan" Sahkari University Act, 2025, who pays for the audit of the University's accounts?
Q4.Under Section 39 of The "Tribhuvan" Sahkari University Act, 2025, the certified accounts must be forwarded to the Central Government by which deadline?