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ACT XVIII OF 2009 ACT XVIII OF 2009 ABDUL WALI KHAN UNIVERSITY, MARDAN ACT, 2009 An Act to provide for the establishment of a University to be known as the Abdul Wali Khan University, Mardan [Gazette of N.-W.F.P. Extraordinary, 24th October, 2009] No.PA/NWFP/Bills/2009/38482, dated 24-10-2009.--The Abdul Wali Khan University, Mardan Bill, 2009 having been passed by the Provincial Assembly of North-West Frontier Province on 9th October, 2009 and assented to by the Governor of the North-West Frontier. Province on 20th October, 2009 is hereby published as an Act of the Provincial Legislature of the North-West Frontier Province. Preamble.---Whereas it is expedient to provide for the establishment of a University to be known as the Abdul Wali Khan University, Mardan and for matters connected therewith and ancillary thereto, in the manner hereinafter appearing; It is hereby enacted as follows:--- CHAPTER - VI UNIVERSITY FUND 39. Audits and accounts.---(1) The Accounts of the University shall be maintained and audited in such form and in such manner as may be prescribed. (2) The Teaching Departments 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: Provided that re-appropriation from one head of expenditure to another may be made by the head of a cost center in accordance with and to the extent prescribed by the Statutes. (3) All funds generated by a Teaching Department, constituent colleges or other unit of the University through consultancy, research or other provision of service shall be credited to the University fund; Provided that the Teaching Department, constituent college or other unit concerned may be allowed enhanced budget allocation equivalent to a part of the funds generated in accordance with prescribed terms and procedure. (4) 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 Statutes and the Treasurer has verified that the payment is provided for in the approved budget of the cost centre, subject to the authority to re-appropriate the fund available to the head of the cost centre. (5) Provision shall be made for an internal audit of the finances of the University. (6) Without prejudice to the requirement of audit by an auditor appointed by Government in accordance with the provisions of any other law in force, 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 and signed by the Treasurer. The annual audited statement of accounts so prepared shall be submitted to the Auditor General of Pakistan for his observations. (7) The observations of the Auditor General 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.