Section 28 in The Indian Institutes of Information Technology (Publicprivate Partnership) Act, 2017

Title: Accounts and audit

Description: (1) Every Institute shall maintain proper accounts and other relevant records and prepare annual statement of accounts including the balance sheet in such form and accounting standard as may be specified by notification, by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) Where the statement of income and expenditure and the balance sheet of the Institute do not comply with the accounting standards, the Institute shall disclose in its statement of income and expenditure and balance sheet, the following, namely:— (a) the deviation from the accounting standards; (b) the reasons for such deviation; and (c) the financial effect, if any, arising out due to such deviation. (3) The accounts of every Institute shall be audited by the Comptroller and Auditor-General of India or any other person in accordance with the provisions of the extant rules and any expenditure incurred by audit team in connection with such audit shall be payable by the Institute to the Comptroller and Auditor-General of India or such person. (4) The Comptroller and Auditor-General of India and any person appointed in connection with the audit of the accounts of any Institute shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts and, in particular shall have the rights to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the Institute. (5) The accounts of every Institute as certified by the Comptroller and Auditor-General of India or any other person appointed in this behalf together with the audit report thereon shall be forwarded annually to the Central Government.

Title: Pension and provident fund

Description: Every Institute may constitute for the benefit of its employees such provident or pension fund or provide such insurance scheme as it may deem fit in such manner and subject to such conditions as may be laid down by the Statutes.

Title: Appointments

Description: All appointments of the staff of every Institute, except that of the Director, shall be made in accordance with the procedure laid down in the Statutes

Title: Statutes

Description: Subject to the provisions of this Act, the Statutes may provide for all or any of the following matters, namely:— (a) the formation of departments of teaching; (b) the institution of fellowships, scholarships, exhibitions, medals and prizes; (c) the terms of office and the method of appointment of officers of the Institute; (d) the qualifications of teachers of the Institute; (e) the classification, method of appointment and the determination of the terms and conditions of service of teachers and other staff of the Institute; (f) the constitution of pension, insurance and provident funds for the benefit of the officers, teachers and other staff of the Institute as per the provisions existing from time to time; (g) the constitution, powers and duties of the authorities of the Institute; (h) the establishment and maintenance of halls and hostels; (i) the conditions of residence of students of the Institute and the levying of fees for residence in the halls and hostels and of other charges; (j) the allowances to be paid to the Chairperson and members of the Board; (k) the authentication of the orders and decisions of the Board; (l) the meetings of the Board, the Senate, or any committee, the quorum at such meetings and the procedure to be followed in the conduct of their business; and (m) any other matter as may be considered necessary for the efficient functioning of the Institute.

Title: Statutes how to be made

Description: (1) The first Statute of each Institute shall be framed by the Board with the prior approval of the Visitor. (2) The Board may, from time to time, make new or additional Statutes or may amend or repeal the Statutes.

CHAPTER 4 ACCOUNTS AND AUDIT