GENERAL PRINCIPLES - Shivaji University

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University Funds with whom it is felt necessary to raise and discuss such
matters.
(e) The external auditors may visit to any budgetary unit.
(f)
The external auditors will submit their primary observations in the form of
‘half-margin memo’ to the Head of the Section (budgetary unit) at the time of
audit. The sectional Head will reply on the ‘half-margin memo’ and return it
within three days of its receipt. The auditors will finalise their observations
after considering the replies given to the ‘half-margin memos’.
(g) The audit report so finalised will be submitted to the Sub-Committee of the
Finance & Accounts Committee. The sub-committee will review the compliance
submitted by concerned section and will have power to recommend to drop
the audit objection- current as well as old.
(h) The audit report along with the compliance and recommendations of the subcommittee
will then be resubmitted to the Finance & Accounts Committee,
Management Council and Senate for its final approval.
Accounting Records and Annual Financial Statements
1.49 Advice on accounting matters may be sought from the Finance and Accounts
officer in the first instance.
1.50 Accounting Records. Every Head of Budgetary Unit shall ensure that all moneys
under the Unit’s control are kept safely, and are used only for the purposes for
which they are approved; and that all transactions are properly recorded in the
University’s central accounting system.
1.51 New Budgetary Units.
(1) A new Budgetary Unit may only be established on the authority of the
Management Council on the recommendations of the Finance & Accounts
Committee.
(2) No resources from departmental funds may be transferred between bodies
without the permission of the appropriate authority.
1.52 (1) Annual Accounts-The Finance & Accounts Committee, and Management
Council shall approve, on behalf of the Senate, audited annual financial
statements of the University for each year; and recommend to the Senate for
its final approval.
(2) Heads of Units shall provide such information as the Finance & Accounts
Committee may require to enable it to prepare the annual financial statements.
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