Budget Books

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Audit of books of educational institutions i.e. Schools, Colleges, Universities etc is known as audit of educational institutions. This type of audit comes under the category of special audit.

Generally, the procedures for auditing is same like other audit even auditor need to follow  other  steps.

The steps for audit of educational institutions are as follows:-

  • Study of the trust deed or regulations.
  • Examine the previous financial statements.
  • Noting of provisions applicable.
  • Evaluation of internal control system.
  • Examine the minute of the meeting and resolution.
  • Verification of students fee register.
  • Authorization for fee concessions .
  • Verification of cashbook with respect of counterfoils of receipts and payments.
  • Examination of capital fund regarding admission fees.
  • Verify free studentship and concessions .
  • Confirmation of fines for late payment or absence.
  • Check hostel dues recovery.
  • Verification of rental income or expenses.
  • Examine the bank pass book  of different nature.
  • Verification of investment register and also ask about any interest and dividend from investment if any.
  • Verify grants from any local bodies or Government with reference to memo or sanction letter.
  • Reporting of any arrears.
  • Vouch counterfoils of receipts taken from donors.
  • Confirmation of any deposits and caution money and its treatment.
  • Examination of expenses for library books and sports equipments.
  • Checking of acknowledgement letter if any with regards to scholarship.
  • Examination of payments with respect to prizes if any.
  • Examine the salary register.
  • Verify the Provident Fund Register.
  • Check annual report with accurate supporting documents.
  • Vouching of all establishment expenses.
  • Vouch payment for electricity and water bill.
  • Examination of payment for hostel maintenance and any other miscellaneous expenses.
  • Inspection of facilities given to students under any schemes associated with Government.
  • Verification of Fixed Assets Register.
  • Verify ownership and existence of Fixed Assets .
  • Confirmation of statutory compliance i.e. P.F., Income Tax etc.
  • Verification of separate statements of accounts for different funds.
  • Checking of calculation of salary payable and deductions.
  • At last, cross check all procedure.


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