Section 18: University fund, audit and accounts

18. University fund, audit and accounts.___ (1) The University shall have a Fund to which shall be credited income from fees, donations, trusts, bequests, endowments, grants, contributions and any other sources. (2) No contribution, donation or grant which may directly or indirectly involve any im mediate or subsequent financial liability of the University, or which may involve an activity not included in its programmes for the time being, shall be accepted without the prior approval of the Board of Trustees. (3) The accounts of the University shall be maintained in such form and in such manner as may be prescribed by rules. (4) The accounts of the University shall be audited each year within four months or the closing of the financial year of the University by a Chartered Accountant appointed by t he Board of Trustees. (5) The accounts, together with the report of the auditor thereon, shall be submitted to the Board of Trustees for approval. (6) The auditor's report shall certify that the auditor has complied with the standards of audit and certification laid down by the Institute of Chartered Accountants of Pakistan.

Effective date: 2000-01-01

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