Manav Rachna International Institute of Research and Studies has made appropriate arrangements for the Internal audit and External Financial Audit Annually by taking following measures:
The Chief Finance Officer is the key person to discharge the duties as stipulated in the accounts and finance manual of the university and the statutes, duly exercising internal checks and financial control over the various financial transactions.
Statutory Audit
Statutory Audit is done as per the Standard Auditing Practices and Accounting Standard prescribed by the Institute of Chartered Accountant of India for reporting to stakeholders such as Government Authorities like Income Tax Department, Goods & Service Tax Department, the regulatory authorities such as University Grants Commission, MHRD, New Delhi etc. The auditor is a firm of Chartered Accountants named Praveen Bansal & Co. Faridabad appointed by BOM, who independently audit the financial statements prepared by the institution. The statutory auditor scrutinizes the Ledgers, Cheques, and Physical Cash on the date of Audit, Payments, Receipts, Vouchers, and Books of accounts etc. of all the constituent institution of MRIIRS and asks doubts in respect of transactions recorded if any. After conducting their audit, they express their opinion in the audit report in prescribed format on the financial statements like Balance Sheet and Income Expenditure statement of the institution for that financial year which the audit has to be done. Till date they have not given any adverse or qualified report.
Internal Audit
MRIIRS also follows internal audit mechanism to ensure that financial transactions follow the prescribed internal controls and procedures, which allow reasonable assurance that significant risk is being managed properly. The competent authority of MRIIRS has appointed Kumar Vijay Gupta & Co. Chartered Accountants, Faridabad as independent Internal Auditor to audit books of accounts Annually as per the scope of Audit defined in MOU signed between MRIIRS and the Auditor. Internal Audit is done as per the Standard Auditing Practices and Accounting Standard prescribed by the Institute of Chartered Accountant of India. The objective of audit is to minimize the error and fraud by designing, establishing and ensuring continuous operation of an effective system of internal controls. In the Accounts department, the documents processed by the accountant are verified and authorized by higher authorities of the MRIIRS / its constituent institutes, thereby exercising control over the transaction. This also ensures that no single person has control over any transaction from beginning to end. The MRIIRS follows the pre-audit to payments procedure. This reduces the issues related to internal audit post payment. The accountant processes a transaction and gets the documents verified and authorized by higher authorities of the institution. The auditor also checks that all necessary confirmations and authorizations have been accorded to the documents by respective authorities of the institution. Till date no major irregularities/fraud reported by the auditor. Minor clerical mistakes as and when reported by the auditor have been resolved with the accounts team and the concerned departments.
