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Review of the Progress of Submission of Audit Reports for the year 2013-2014

Review of the Progress of Submission of Audit Reports for the year 2013-2014. 41 st Quarterly Review Meeting of Finance Controllers on 29 th May 2014 & 30 th May 2014 New Delhi. 1 . Para-109 of FM&P has specified following Time Table for External Audit.

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Review of the Progress of Submission of Audit Reports for the year 2013-2014

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  1. Review of the Progress of Submission of Audit Reports for the year 2013-2014 41st Quarterly Review Meeting of Finance Controllers on 29th May 2014 & 30th May 2014 New Delhi

  2. 1. Para-109 of FM&P has specified following Time Table for External Audit

  3. MHRD has already addressed letter No.17/2/2014-SSA(DIS) dated 29THApril 2014 to all SPDs requesting them to adhere to this time schedule. IUFR formats (earlier called FMRs) which are required to be submitted to World Bank / IDA for claiming reimbursement was also enclosed. These forms duly filled in be sent to TSG by 10th June by all the states.

  4. 2. Status of Submission of Audit Reports of FY-2012-2013

  5. 3. Comparative Statement of receipt of Audit Report

  6. 4. Contents of Audit Report • Utilization Certificate (Annexure–XIX) • Consolidated Annual Financial Statement (Annexure–XX) • Consolidated Balance Sheet (Annexure–XXI) • Consolidated Income & Expenditure Account (Annexure–XXII) • Consolidated Receipt & Payment Accounts (Annexure–XXIII) • Management letter

  7. Procurement Audit Certificate in the format sent under this Ministry’s letter No. 15/2/2003-SSA(PR) dated 29th September 2006. • IuFRs (FMRs) – I, II & III duly filled in • Para on Coverage of Audit of VECs receiving grants of more than Rs. One lakh per year. • 10. Gist of significant observations made by the Auditors who have conducted Audit of Accounts of DPOs/Sub DPOs. • 11. Details of unadjusted advances as on 31.3.2013. • 12. Para on Settlement of outstanding previous years Audit objections.

  8. 6. Target for submission of Audit Reports for the FY-2013-2014

  9. Mismatch of Data: • (i)Advances details of outstanding advances as on 31st March 2013 has mentioned in Utilization Certificate and Balance Sheet is given below:

  10. Outstanding advances as per UTILIZATION CERTIFICATE on 31.3.2013 is MORE / EQUAL/ LESS as compared to outstanding advances indicated in the BALANCE SHEET as on 31.3.2013.

  11. Unspent Amount: Unspent amount, cash in bank and hand and outstanding advances as per Utilization Certificate as on 31.3.2013 is for the 35 States/UTs:

  12. Unspent amount / unspent balance / un-utilized amount terms are used in the Utilization Certificate. How this un-utilized amount is worked out • Un-utilized amount = Bank Balance (Bank + Cash) • Un-utilized amount= Bank Balance +Outstanding Advances • Un-utilized amount= Bank Balance+ Outstanding advances – current liabilities Sikkim has adopted its own method of calculation i.e.

  13. Unspent Balance More than / Equal to /less than Bank Balance (Bank+Cash) Further amount which has been utilized for the purpose for which it was sanctioned (as stated in Utilization Certificate) normally means expenditure incurred during the year as per books of accounts but in some states this amount does not tally with expenditure incurred during the year.

  14. Accounting for other receipts ‘Other Receipts’ i.e., refund from sub DPOs /SMCs and other spending unit( lum sum amount with/ without intervention wise) • 1. Amount Refunded by working agencies, which could not be adjusted against expenditure heads, presumably amount refunded is unspent balance out of reported expenditure by sub districts for previous year. So amount refunded by sub district has to be adjusted as “Deduct Expenditure’ for the year in which it was reported as expenditure, but actually remained unspent.

  15. 2. In case amount refunded is out of advances given to sub-district for expenditure and now refunded back as unspent-same will have to be adjusted as ‘Deduct Advance’.

  16. THANK YOU

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