As per the Maharashtra Universities Act, 1994 the duties of the Finance and Accounts Officer shall be to :
1. Exercise general supervision over the funds of the university, and shall advise the Vice-Chancellor as regards the finances of the university.
2. Hold and manage the funds, property and investments, including trust and endowed property, for furthering any of the objects of the university.
3. Ensure that the limits fixed by the university for recurring and non-recurring expenditure for a year are not exceeded, and that all allocations are expended for the purposes for which they are granted or allocated.
4. Keep watch on the state of the cash and bank balances and of investments.
5. Keep watch on the progress of collection of revenue and advise the Vice-Chancellor on the methods to be employed for collection.
6. Have the accounts of the University audited regularly.
7. Ensure that the registers of buildings, land, equipment and machinery are maintained up-to-date and that the stock taking of equipments and other consumable materials in all offices, [conducted college], workshops and stores of the university is conducted regularly.
8. Propose to the Vice-Chancellor that explanation be called for unauthorized expenditure or other financial irregularities from any academic member of university.
9. Propose to the registrar that explanation be called from any non-academic member for unauthorized expenditure or irregularities in any particular case, and recommend disciplinary action against the persons at fault.
10. Call for from any office centre, laboratory, [conducted college], department of the university or university institution, for any information and returns that he thinks necessary for the proper discharge of his financial responsibilities.
11. Exercise such other powers, perform such other duties, and discharge such other financial functions as are assigned to him by the Vice-Chancellor or are prescribed by the Ordinances.