GENERAL PRINCIPLES - Shivaji University

1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901
1.44 Any corrections and alterations in cheques shall be attested by drawing officer by
his full signature.
Audit
1.45 The University’s audit arrangements are required to be in accordance with the
practice of the internal audit wing and the statutory auditors. Guidance on internal
control procedures is available from internal audit wing.
1.46 The sub-committee of the Finance & Accounts Committee whose members are
appointed by Finance Committee shall review the compliance of audit report
conducted by statutory auditor and by Accountant General.
1.47 Internal Audit :-
(a) There shall be an internal audit wing who will audit all bills before making
payment.
(b) Internal audit has an unrestricted right of access to all vouchers, documents,
books of accounts and computer data and to any other information which is
considered relevant to its enquiries and which is necessary to fulfil its
responsibilities.
(c) This includes the right to verify assets and right of direct access to any
employee or person responsible for the administration or management of
University Funds with whom it is felt necessary to raise and discuss such
matters.
(d) Management Council shall decide from time to time on the recommendations
of the Finance Committee whether the internal audit function shall be performed
by University employees or outsourced.
1.48 External Audit :-
(a) The Management Council shall appoint the University’s External Auditors.
(b) The external auditors audit the Annual Financial Statement of the University
and report to the Vice-Chancellor as to whether or not in their opinion, those
statements give a true and fair view of the State of the financial affairs of the
University and its related bodies at the balance sheet day and of their income
and expenditure for the financial year.
(c) The external auditors have unrestricted right of access to all vouchers,
documents, books of accounts, computer data and other information.
(d) This includes the right to verify assets and right of direct access to any
employee or person responsible for the administration or management of
10
1234567890123456789012345678901212345678901234567890123456789012123456789012345678901234567890121234567890123456789012345678901