CA Amrita Chattopadhyay
Quick Summary
In an era where educational institutions play a pivotal role in shaping the future of individuals and societies, ensuring transparency, accountability, and quality within these institutions has become more important than ever. As the demand for education continues to rise, so do the expectations of
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FAQ :
The primary purpose of internal audit is to provide independent, objective assurance and consulting activities designed to add value and improve an organisation's operations, ensuring transparency, accountability, and quality.
An internal auditor examines key processes such as student admission and fee collection, human resource functions including recruitment and payroll, inventory procurement, and the management of fixed assets.
The student process flow is important as it is the primary source of revenue, involving the collection of security deposits, various fees, and the refund of deposits, all of which require meticulous tracking and accurate management.
The audit of the Human Resource process flow covers expenses related to recruitment, accurate computation and disbursement of salaries and allowances, statutory compliances, promotion and retirement schemes, and benefits like leave encashment and gratuity.
The internal audit of inventory procurement involves checking the process of obtaining quotations, selecting suppliers, sanctioning purchase orders, ensuring procurement aligns with requirements, and tracking inventory sales, issuance, and consumption.
Fixed assets are audited by maintaining an accurate register, marking assets, tracking their movement, and managing processes related to their purchase, construction, utilisation, maintenance, and disposal.
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