Section 29: Audits and accounts.⎯ (1) The accounts of the Institute shall be maintained in such form

29. Audits and accounts.⎯ (1) The accounts of the Institute shall be maintained in such form and in such manner as may be prescribed. (2)The teaching departments, colleges and all other bodies designated as such by the Syndicate in terms of statutes shall be independent cost centres of the Institute with authority vested in the head of each cost centre to sanction expenditure out of the budget allocated to it: Provided that re­appropriation from one head of expenditure to another may be made by the head of a cost­centre in accordance with and to the extent prescribed by statutes. (3) All funds generated by a teaching department, constituent college or other unit of the Institute through consultancy, research or other provision of service shall be made available without prejudice to the budgetary allocation otherwise made, after deduction of overheads in the manner and to the extent prescribed by statute, to the teaching department, constituent college or other unit for its development. A part of the funds so generated may be shared with the Institute teachers or researchers in charge of the consultancy, research or service concerned in the manner, and to the extent prescribed by statute. (4) No expenditure shall be made from the funds of the Institute, unless a bill for its payments has been issued by the head of the cost­centre concerned in accordance with the relevant statutes and the Treasurer has verified that the payment is provided for in the approved budget of the cost­centre, subject to the authority to re­appropriate, available to the head of the cost­centre. (5) Provision shall be made for an internal audit of the finances of the Institute. (6) Without prejudice to the requirement of audit by an auditor appointed by the Government in accordance with the provisions of any other law in force, the annual audited statement of accounts of the institute shall be prepared in conformity with the Generally Accepted Accounting Principles (GAAP) by a reputed firm of chartered accountants and signed by the Treasurer. The annual audited statement of accounts so prepared shall be submitted to Auditor­General of Pakistan for his observations. (7) The observations of the Auditor­General of Pakistan, if any, together with such annotations as the Treasurer may make, shall be considered by the Syndicate and shall be placed before the Senate within six months of closing of the financial year. CHAPTER­VII GENERAL PROVISIONS

Effective date: 2011-01-01

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