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THE ABASYN UNIVERSITY ACT, 2009 THE ABASYN UNIVERSITY ACT, 2009. (1[KHYBER PAKHTUNKHWA] ACT NO. XIII OF 2009) [First published after having received the assent of the Governor of the 1[Khyber Pakhtunkhwa] in the Gazette of 1[Khyber Pakhtunkhwa] (Extraordinary) ,dated the 24th October, 2009] 1.Substituted vide Khyber Pakhtunkhwa Act No. IV of 2011 AN ACT to provide for the establishment of a University at Peshawar in the name of Abasyn University. Preamble.---WHEREAS it is expedient to provide for the establishment of a University at Peshawar in the name of Abasyn University, in the private sector, and for matters ancillary thereto; It is hereby enacted as follows: CHAPTER -VI UNIVERSITY FUND 32. Audits and Accounts.---(1) The accounts of the University shall be maintained in such form and in such manner as may be prescribed. (2) The departments, constituent 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; provided that re-appropriation from one head of expenditure to another may be made by the head of a cost centre in accordance with and to the extent prescribed by the Statutes. (3) All funds generated by a department, constituent college or other unit of the University 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 Department, constituent college or other unit for its development. A part of the funds so generated may be shared with the University 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 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 of the cost centre, subject to the authority to re-appropriate available to the head of the cost centre. (5) Provision shall be made for an internal audit of the finances of the University. (6) 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 approved by the State Bank of Pakistan and signed by the Treasurer.