Page 298 - CA Inter Audit PARAM

CA Ravi Taori

• Hostel Dues / Admission Fees / Fine
• Confirm that hostel dues were recovered before student’s accounts were closed
and their deposits of caution money refunded.
• Check admission fees with admission slips signed by the head of the institution and
confirm that the amount has been credited to a Capital fund, unless the Managing
Committee has taken a decision to the contrary.
• Confirm that fines for late payment or absence, etc. have been either collected or
remitted under proper authority.

• Studentship & Concessions / Arrears
• See that free studentship and concessions have been granted by a person
authorized to do so, having regard to the Rules prepared by the Managing
Committee.
• Report any old heavy arrears on account of fees, dormitory rents, etc. to the
Managing Committee.
• Endowments / Legacies / Donations / Grant
• Vouch income from endowments and legacies, as well as interest and dividends
from investment; also inspect the securities in respect of investments held.
• Vouch donations if any with the list published with the annual report. If some
donations were meant for any specific purpose, see that the money was utilised for
the purpose.
• Verify any Government or local authority grant with the memo of grant. If any
expense has been disallowed for purposes of grant, ascertain the reasons thereof.
• Rental Income
• Verify rental income from landed property with the rent rolls, etc.

➢ Major Expense – Capex / Salary / Stores / Establishment
• Capital Expenditure
• Vouch, all capital expenditure in the usual way and verify the same with the sanction
for the Committee as contained in the minute book.
• Salaries
• See that increase in the salaries of the staff have been sanctioned and minutes by the
Committee.
• Stores
• Ascertain that the system ordering inspection on receipt and issue of provisions,
foodstuffs, clothing and other equipment is efficient and all bills are duly authorised
and passed before payment.

• Establishment Expenses
• Vouch, in the usual manner, all establishment expenses and enquire into any unduly
heavy expenditure under any head. If there was any annual budget prepared, see
that any excess under any head over the budgeted amount was duly sanctioned by
the Managing Committee. If not, bring it to the Committee’s notice in your report.

➢ Major Asset – Investments / Inventories
• Investments of Endowment Funds / Provident Fund
• See that the investments representing endowment funds for prizes are kept
separate and any income in excess of the prizes has been accumulated and invested
along with the corpus.
• Verify that the Provident Fund money of the staff has been invested in appropriate
securities.
• Inventories
Verify the inventories of furniture, stationery, clothing, provision and all equipment etc. These
should be checked by reference to Inventory Register or corresponding inventories of the
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