Section 23: Accounts and audit.

Q: What does Section 23 of The Indian Institutes of Management Act, 2017 (TIIMA) deal with?

Section 23 TIIMA pertains to "Accounts and audit.". It is part of the The Indian Institutes of Management Act, 2017, a legislation enacted by the Parliament of India. Section 23 of The Indian Institutes of Management Act, 2017 (TIIMA) governs accounts and audit. As verified on 19 May 2026.

Q: Is Section 23 TIIMA still in force?

Yes, Section 23 of the The Indian Institutes of Management Act, 2017 is currently in force across the Republic of India.

Q: What is धारा 23 TIIMA?

धारा 23 TIIMA is the Devanagari Hindi reference for Section 23 of the The Indian Institutes of Management Act, 2017. Section 23 of The Indian Institutes of Management Act, 2017 (TIIMA) governs accounts and audit. As verified on 19 May 2026.

Q: What is Dhara 23 TIIMA?

Dhara 23 TIIMA is the Roman Hindi reference for Section 23 of the The Indian Institutes of Management Act, 2017. "Dhara" means "Section" in Hindi. Section 23 of The Indian Institutes of Management Act, 2017 (TIIMA) governs accounts and audit. As verified on 19 May 2026.

Q: How to cite Section 23 of The Indian Institutes of Management Act, 2017?

Cite as: "Section 23, The Indian Institutes of Management Act, 2017 (TIIMA)" in legal briefs. For academic writing, use the BlueBook format: The Indian Institutes of Management Act, 2017, § 23 (India).

Law on Tips Editorial Board

(1) Every Institute shall maintain proper accounts including income and expenditure statements, internal audit report and statement audited by internal auditor specifying investments and other relevant records and prepare annual statement of accounts including the balance sheet in such form and as per such 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 of such deviation.

(3) The accounts of every Institute shall be audited by the Comptroller and Auditor-General of India 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.

(4) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the 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 right 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 by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament in accordance with such procedure as may be laid down by the Central Government.