Thursday, 1 September 2022

6.4.1 Institution conducts internal or/and external financial audit regularly



 INTERNAL AUDIT

We are maintaining a day book manually. The signatory will check all the receipt and payment in the day

book daily. The college authority is verifying the accounts as internal audit in every month. There is a

committee of 3 members from the management committee, which include signatories also. They check all

receipt book, fees registers, bank statements (Deposits and withdrawal) all vouchers, all bills every month

and counter signed by the authority. Fees arrears statement also verifying by the authority every month.

Bank reconciliation is doing every month.

EXTERNAL AUDIT

We have an authorized chartered accountant for auditing. External audit conduct 2 times in a year. 1st

half yearly audit and final audit. They will check all entries in the day book with the support of receipt

book, vouchers, and bank statements. For every transaction we will issue receipt and every payment we

will maintain voucher. Bill will attach with the voucher. Auditors will verify the fees entry register,

caution deposit register, stock register and acquittance register. We will enter all assets in stock register.

The salary will disburse through bank transfer. The salary payment is 1st of every month. We will

maintain acquittance register. EPF & ESI benefits also provided by the management to all the staff. We

will pay the monthly contribution before 10th of every month. We will submit bank reconciliation

statement duly signed by the bank manager at end of financial year. After auditing they will issue audit

report duly signed by the auditor.






























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