Section 30 of The Babasaheb Bhimrao Ambedkar University Act, 1994 in hindi
Annual accounts.
- (1)The annual accounts and 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 by such persons as he may authorise in this behalf.
- (2)A copy of the annual accounts together with the audit report thereon shall be submitted to the Visitor.
- (3)Any observations made by the Visitor on the annual accounts shall be brought to the notice of the Board of Management and the observations of the Board of Management, if any, shall be submitted to the Visitor.
- (4)A copy of the annual 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 Houses of Parliament.
- (5)The audited annual accounts after having been laid before both Houses of Parliament shall be published in the Gazette of India.
Summary
- The Board of Management must direct the preparation of the University's annual accounts and balance sheet.
- These financial records must be audited at least once every year, and the gap between audits cannot exceed fifteen months.
- The audit is conducted by the Comptroller and Auditor-General of India or someone authorized by them.
- The Visitor receives the audited accounts and can make observations, which the Board of Management must address.
- The Central Government receives a copy to present to Parliament, after which the accounts are officially published in the Gazette of India.
Practical examples
FAQ
1. Who is responsible for preparing the annual accounts?
The accounts and balance sheet are prepared under the directions of the Board of Management.
2. What is the maximum allowed time between financial audits?
Audits must happen at least once a year, with intervals of not more than fifteen months between them.
3. Who performs the official audit of the University's accounts?
The Comptroller and Auditor-General of India, or a person they authorize.
4. Does the University have to respond if the Visitor questions the financial accounts?
Yes, any observations made by the Visitor are brought to the Board of Management, and the Board must submit its own observations back to the Visitor.
5. Where can the public officially read the finalized accounts?
The audited accounts are published in the Gazette of India after being laid before Parliament.
Test yourself
Q1.Under Section 30 of The Babasaheb Bhimrao Ambedkar University Act, 1994, what is the maximum permitted interval between financial audits of the University?
Q2.Under Section 30 of The Babasaheb Bhimrao Ambedkar University Act, 1994, who holds the designated authority to audit the University's annual accounts?
Q3.Under Section 30 of The Babasaheb Bhimrao Ambedkar University Act, 1994, what happens if the Visitor makes observations on the submitted annual accounts?
Q4.Under Section 30 of The Babasaheb Bhimrao Ambedkar University Act, 1994, what is the final step for the audited annual accounts after they have been laid before both Houses of Parliament?