law: University Grants Commission Act 1956
  19.
  
  Account and Audit.
  (1) The
  
  commission shall cause to be maintained such books of account and other books
  
  in relation to its account in such form and in such manner as may, in
  
  consultation with the comptroller and auditor-general of India, be prescribed.
  (2) The
  
  commission shall, as soon as may be after closing its annual accounts, prepare
  
  a statement of accounts in such form, and forward the same to the comptroller
  
  and auditor-general by such date, as the central government may, in
  
  consultation with the comptroller and auditor-general, determine.
  (3) The
  
  accounts of the commission shall be audited by the comptroller and
  
  auditor-general at such times and in such manner as he thinks fit.
  (4) The
  
  annual accounts of the commission together with the audit report thereon shall
  
  be forwarded to the central government and the government shall cause the same
  
  to be laid before both houses of parliament and shall also forward a copy of
  
  the audit report to the commission for taking suitable action on the matters
  
  arising out of the audit report. 112 chap miscellaneous chapter iv
  
  miscellaneous