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. Cash book should be verified with the donation received register. Fees receivable and actual fees received should be reconciled.
He shall evaluate and confirm the effectiveness of internal check system of accounting of the receipts. Appropriate provision should be made on account of outstanding payments. All purchases should be authorized by appropriate person.
An Auditor should read and note down the state code and provisions relating to the conditions and procedures of Grants. Is there is any system to physically verify the fixed assets, stores and consumables at regular interval.
Role of Auditor in auditing educational institutions. The institution may receive the following: Auditor should verify the computation of salary and check whether all required deductions are made out of it or not like advance salary, loan installment, absence from duty, ESI Employee State InsurancePF Provident Fundetc.
Minutes of the managing committee. Cash book should be verified with counterfoil of receipt book and fees register. Payment made on account of salary should be verified from terms of appointment and increment policy.
He should be aware of all the provisions and rules of related laws concerning books of account and audit. Whether fees structure is properly authorized along with change in fee structure if any. He should verify that the fees are collected from all the students and if there is any concession, the same is granted by a person who is so authorized.
If educational institution is running under Indian Public Trust Act, it is must for an Auditor to check, where investments have been made, because as per the Indian Public Trust Act, investment can be made in specific securities only. Whether collected fees is deposited in bank on a daily basis.
The person who is collecting fees and the cashier should not be the same person. He should note down the important provisions regarding to accounts and audit from the Trust Deed, Charter of Regulations.
Investment register and cash book should be verified for income received on account of interest on investment and dividends, etc. These can be verified from relevant bank challans. It is also very important that all deducted amount should be deposited in appropriate Government accounts well within time without any default.
Fees collection register should be maintained on a daily basis. Admission fees, Tuition fees, Hostel fees etc. If donation is received in the form of investment, an Auditor has to check all related correspondence with the donor. Donation received should be accounted for according to the nature of donation means careful distinction should be there for revenue nature donation and capital nature donations; the same procedure is to be followed for Grants received.
An auditor may ensure the following while verifying records of Educational Institutions: Rental and Lease agreements. The Auditor should study all the conditions concerning grants.In this chapter, we will discuss the Audit of Educational Institutions.
Maintenance of Accounts of Educational Institutions. A large number of educational institutions are registered under the India Society Registration Act, The publication 'Technical Guide for Audit of Educational Institutions' has been brought for equipping members with the expertise required in effective discharge of their attest function in Educational Institutions.
– While doing Audit of An Educational Institution (herein after refereed to as ” EI “, All of you will generally Observe the following Incomes – Fees, Donations, From Investments, Etc. We will discuss one by one, So that it would be easier for All of you to Understand. Audit of Educational Institutions.
The auditor may thoroughly study the trust deed of the trust to which the school or the college belongs and in the case of the audit of an University, he may study the Act of Legislature and. Audit of Educational Institute and Non Profit Institute. Topics: Audit Kumon Educational Institute USA Upon careful review and analysis of the current situation of the Kumon Institute USA it is clear that there are several problems that should be addressed in order for Kumon Institute to succeed in the US market.
Although Kumon. mint-body.com of books of educational institutions like school. Auditor should check income and expenditure account and balance sheet of such institutes in order to verify and report the true and fairness of results presented by income statements and financial position presented by the balance sheet.
universities etc. or other such institutions which are engaged in the educational .Download