Explain the procedure to be adopted to audit the transactions of educational institutions.
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Following points need to be considered by an Auditor while conducting audit of educational institutions −
It is to be confirmed whether the letter of his appointment (the Auditor’s) is in order.
The Auditor should obtain a list of books, documents, register and other records as maintained by the educational institutions.
He should examine the audit report of last year and should note down the observation and qualification, if any.
He should note down the important provisions regarding to accounts and audit from the Trust Deed, Charter of Regulations.
He should examine the Minutes of Meetings of the Board of Trustee or the Governing Body for important decisions regarding the sale or purchase of fixed assets, investments or delegation of finance power.
In case of colleges and university, the Grants Commission provides Grants to them subject to certain conditions. The Auditor should study all the conditions concerning grants.
The Auditor should examine the Code of State regarding grant-in-aid.
He should be aware of all the provisions and rules of related laws concerning books of account and audit.
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It is to be confirmed whether the letter of his appointment (the Auditor’s) is in order.
The Auditor should obtain a list of books, documents, register and other records as maintained by the educational institutions.
He should examine the audit report of last year and should note down the observation and qualification, if any.
He should note down the important provisions regarding to accounts and audit from the Trust Deed, Charter of Regulations.
He should examine the Minutes of Meetings of the Board of Trustee or the Governing Body for important decisions regarding the sale or purchase of fixed assets, investments or delegation of finance power.
In case of colleges and university, the Grants Commission provides Grants to them subject to certain conditions. The Auditor should study all the conditions concerning grants.
The Auditor should examine the Code of State regarding grant-in-aid.
He should be aware of all the provisions and rules of related laws concerning books of account and audit.
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