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Helpline no. 0129-4259000

Helpline no. 0129-4259000

            ADMISSION_BROCHURE ONLINE COURSES

Financial Audits

The following actions have been taken by Manav Rachna University to make the necessary preparations for the annual internal audit and external financial audit:

The Chief Financial Officer is responsible for carrying out the responsibilities outlined in the university’s accounts and finance manual and the legislation, properly enforcing internal controls and financial oversight over the various financial transactions.

Internal Audit

MRU also uses internal auditing procedures to make sure that financial transactions adhere to the established internal controls and directives, providing a reasonable level of assurance that major risk is being appropriately managed. As an independent internal auditor, Kumar Vijay Gupta & Co. Chartered Accountants, Faridabad has been chosen by the MRU’s competent authority to review the books of accounts on an annual basis in accordance with the terms of the MOU that the auditor and MRU signed. Internal audits are conducted in accordance with the accounting and standard auditing procedures established by the Institute of Chartered Accountants of India.

By creating, implementing, and assuring the ongoing operation of an efficient system of internal controls, auditing aims to reduce error and fraud. Higher-ups at the MRU and its member institutes verify and approve the documents that the accountant processes in the accounts department, giving them authority over the transaction. Additionally, this makes sure that no one person has complete authority over any transaction. The pre-audit to payouts process is followed by the MRU. This lessens problems with internal audit post-payment. The accountant completes a transaction and requests that the institution’s higher authorities verify and approve the supporting documentation.

The auditor also confirms that the relevant institutional authorities have given the required confirmations and authorizations to the papers. By the auditor, there have been no significant irregularities or fraud to date. As and when the auditor reported them, minor clerical errors have been corrected with the accounts team and the relevant departments.

Statutory Audit

Statutory audits are conducted in accordance with the Standard Auditing Practices and Accounting Standards established by the Institute of Chartered Accountants of India for reporting to interested parties, including regulatory agencies like the University Grants Commission, MHRD, New Delhi, and government departments like the Income Tax Department and the Goods & Service Tax Department. The BOM hired Akhilesh Chandra Gupta & Co. of Faridabad as the auditor, which performs an independent audit of the institution’s financial statements.

The statutory auditor examines all of the MRU’s component institutions’ ledgers, cheques, and physical cash on the audit date, as well as their payments, receipts, vouchers, books of accounts, and other records, and, if necessary, raises questions about any documented transactions. After conducting their audit, they provide their findings on the institution’s financial statements, including its balance sheet and income and expense statement for the fiscal year for which the audit is required, in the audit report in the format specified. They have not yet provided any negative or qualified reports. 

 

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