Functions and Responsibilities:
(a) Management of assets, liabilities, receipts, expenditure, funds and investments of the University;
(b) Preparation of annual and revised budget estimates of the University and its presentation before F&P committee/ syndicate;
(c) ensure that the funds of the University are expended on the purposes for which they are provided;
(d) have the accounts of the University audited annually
(e) perform such other duties as may be prescribed
Audit and Accounts:
The accounts of the university shall be maintained in such form and in such manner as prescribed:
(a) The teaching departments, constituents colleges/institutes and all other bodies designated as such by the syndicate in terms of statutes shall be independent cost centres of the University with authority vested in the head of each cost centre to sanction expenditure out of the budget allocated to it.
(b) No expenditure shall be made from the funds of the University, unless a bill for its payments has been issued by the head of the cost centre concerned in accordance with the relevant statutes and the treasurer has verified that the payment is provided for in the approved budget for the cost centre.
(c) Provisions have been made for an internal audit of the finances of the University.
(d) The annual audited statement of accounts of the University shall be prepared in conformity with the Generally accepted accounting Principles (GAAP) by a reputed firm of chartered accountants or the university and signed by the Treasurer. The annual audited statement of accounts so prepared shall be submitted to the Auditor General of Azad Jammu & Kashmir for his observations.
(e) The accounts of the University shall be audited once a year by Government Auditors appointed by the Auditor-general of Azad Jammu & Kashmir.
(f) The observations of the Auditor General of Azad Jammu and Kashmir, if any, together with such annotations as the Treasurer may make, shall be considered by the syndicate placed before the senate.
