FAQ Audits and Accounts

Q. What are Central Autonomous Organisation ?
Ans: There are nearly 500 central autonomous organizations in the country. Most of them are registered under the Societies Registration Act, 1860. Some of them have been created under specific Acts of Legislature. They have no owners, unlike Companies, Partnership or Proprietary concerns. However, all of them have been created by the nodal Ministries in the Government of India as promoters. Each one of them has a Memorandum of Association defining their objects and Rules, Regulations and Byelaws governing the operations, organizational structure, (General Body, Governing Body and the Executive head of the organization). Powers of the General Body Governing Body (Council) and the Executive head, Finance and Accounts, Time limits for preparation of Annual financial statements and their placement before the Governing body or General Body for approval, Meetings of Governing Body (Council), General Body for approval, Meetings of Governing Body (Council), General Body, etc., Audit, Parliament’s Control, etc. These are comparable to the Memorandum of Association and Articles of Association and Articles of Association of Companies. 

Q. What are financial resources?
Ans: Almost all the autonomous organizations are dependent on grants from the Govt. of India to meet their capital expenditure requirements. Many of their activities are included in the Five Year Plans of the Nodal Ministries of Govt. of India. Some of them are dependent on the Govt. of India (and State Governments) for non-plan grants to meet their deficit on Revenue Account. These are substantial particularly in the case of research organizations such as ICAR, CSIR, ICMR, etc., and Central Universities and Institute of Higher education

Q. Who Audits the Accounts?
The accounts of most of the autonomous organizations particularly those created under specific Acts of Legislature are audited by the Comptroller and Auditor General of India as the sole auditor. The accounts of some of them are audited by firms of Chartered Accountants. As they also enjoy grants from Government of India, they are in addition subjected to Grant-in-Aid audit by the Comptroller and Auditor General of India.

Q. What is the Function of finance & accounts section?

Q. What is the System of PROJECT ACCOUNTING?

Q. What are the Records to be maintained Pertaining to Project?

Q. Auditing of the project?

   With the objective that individual expenditure included in the SOE is fully supported by documentation.
Expenditures are properly authorized by the authorized persons & is in accordance with the rule.
The expenditure are properly accounted for

Internal Audit

INTERNAL Audit done on regular basis by the finance & accounts Officer of the Institute. The Internal Audit will also be carried out by the internal audit team from the finance section if need be. The internal audit will be decided on the basis of magnitude of expenditure and risk perceived.

External Audit

External Audit for ICAR/CSIR other similar institutes and Government departments will be done by C&AG. For SAUs the audit will be conduct by state AGs/Local fund auditor/C.A.

Q. What is Financial governance ?

Q. What is Assessment/ Quantifying?

Ans: Assessed/quantified by following means:

  1. Increase in productivity – Either in case of agriculture/animal science, the increase in productivity through intervention made with the help of the project implementation could be quantified in terms of currency. (Money Value)
  2. 2.  Ecosystem Services- The services, in the form of binding the soil and maintaining its organic and inorganic properties, regulating hydrological cycles that drinking water, conversion of carbon dioxide into oxygen through photosynthesis, and shelter to a fauna is unparalleled and not easily quantifiable in economic terms.    Many indirect benefits which we get through implementation of the project cannot be quantified in terms of monetary gains. However, it is a act that many of the projects, particularly related to agroforestry etc. could provide many ecosystem services.
  3. Socio- economic aspect – It’s a long term monitor able target in terms of finance since the interventions could make the impact in terms of increase in productivity and therefore, profitability.