Power of the State Government to have accounts of the University or College audited.- If it considers necessary, the State Government may cause the accounts of the University or any College to be audited by such agency as it thinks fit and on receipt of the audit report it may, after calling for a report from the University or College on the points raised therein and after considering the same, issue such direction as it thinks fit and thereupon the University or the College, as the case may be, shall comply with such directions within the time specified therein.