world bank document · sub: management letter -audit for the year 2014-2015. dear sir, we have...

A.Paul & Co.Chartered Accountants

AJIT PAULB.Com, F.C.A Phone:2225630

To,

The State Project Director,Mizoram Rashtriya Madhyamik Shikska Abhiyan,Aizawl, Mizoram.

Sub: Management letter - Audit for the year 2014-2015.

Dear Sir,

We have completed the audit of accounts of Mizoram Rashtriya Madhyamik Shikska

Abhiyan (RMSA) for the financial year 2014-15 and have checked and verified the records at

State Project Office (SPO) and all the eight Districts of Mizoram. In this context. we would like to

place before you, the following District wise and SPO level observations, comments and

suggestions in addition to those appearing in our audit report of even date for your kind perusal and

taking necessary action:

1. Aizawl District: We have audited Aizawl District and following is the details of work carried

out by us:

a) District Audit: We have audited the district with respect to its Cash Book, Ledger, Bank

Reconciliation Statement and have found the same to be correct. Salary Payment Register

was not maintained. Besides vouchers for various payments were not in proper form. We

have checked the Consolidated Annual Financial Statement which they have prepared and

found the same to be correct.

b) SMDCs Audit: We have audited 77 SMDCs under audit and most SM)Cs have kept their

accounts as per RMSA Financial Manual so far as Cash Book, Ledger etc. were concerned.

However, maintenance of books of account need improvements. In many cases vouchers

were either missing or not in proper form.

Police Bazar. Shillong-793001

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various payments were not in proper form. We have checked the Consolidated Annual

Financial Statement which they have prepared and found the same to be correct.

b) SMDCs Audit: We have audited 30 SMDCs and most SMDCs have kept their accounts as

per RMSA Financial Manual so far as Cash Book etc. were concerned. However.

maintenance of books of account need improxements. In many cases vouchers were either

missing or not in proper form.

7. Saiha District: We have audited Saiha District and following is the details of work carried out

by us:

a) District Audit: We have audited the district with respect to its Cash Book and Ledger

and have found the same to be correct. However, vouchers for various payments were

not in proper form. We have checked the Consolidated Annual Financial Statement

which they have prepared and found the same to be correct. Bank Reconciliation

Statement has not been prepared.

b) SMvDCs Audit: We have audited 14 SMDCs account and most SMDCs have kept

their accounts as per RMSA Financial Manual so far as Cash Book etc. were

concerned. However, maintenance of books of account need improvements. In many

cases vouchers were either missing or not in proper form.

8. Serchhip District: We have audited Serchbip District and following is the details of work

carried out by us:

a) District Audit: We have audited the district with respect to its Cash Book, Ledger, Bank

Reconciliation Statement and have found the same to be correct. Salary Payment Register

was not updated since October, 2014. Besides some of the vouchers were not in proper form.

We have checked the Consolidated Annual Financial Statement which they have prepared

and found the same to be correct.

V

MIZORAM RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA)

Name of the SIS: MEMS (RMSA) Consolidated Balance Sheet as on 31.03.2015

Amount Amount Amount AmountLAIITIES Sche- AmoctAmunLIABIL dule Current Previous ASSETS dule Current Previous

Year Year Year YearCapital Fund Fixed Assets:Opening Balance 1.248.355,176 1,060,232,066 Civil WorksUnadjusted Advances i) Opening Balance 818,590,788 846,524.524Funds Received From Govt of India: i) Addition during the year 220,612,026 172,066,284a) RMSA 242,167,000 394,521,000 Furniture 525,436 525,436

Vehicle -Equipment 1,005,462 1,005,462

Funds Received From State Govt: Current AssetsLoan to IEDSS 14,469,910

a) RMSA 6,410,000 71,663,000 Advance outstandinga) Civil Works - 3,147,597

Others: b) OthersBalance at Districts: Closing Balance at Districtsa) RMSA a) Cash in Hand 273,285 148,146Less : Excess of Expenditure over b) Cash at Bank 171,033,490 207830 331

Income 266,784,725 279,052,327 Closing Balance at SPOAdvances repayable _ a) Cash in Hand 147,858 180,839Prior period adjustment 112.439 b) Cash at Bank 16.568,298 202,456,669Current Liabilities c) Unadjusted Advances 1 390 810As per last account 879,000

TOTAL RUPEES 1,230,147,453 1,248,365,178 TOTAL RUPEES 1,230,147,463 .,,178In terms of our report of even date.

For A. Paul & Co. State Project DirectorChartered Accountants Rashtriya Nadhyamik Shiksha AbhiyavFRN 312060E Mizoram

Sate roject DirectorRaoshtriya M iadhaiik Sisa Aia

Mizoram Education Mission SocietyIT PAUL). Ntirurai,Aizmat

MN.:050527

the 28th of Dec, 2015.



AUDITORS' CERTIFICATE

This is to certify that we have gone through the procurement procedure used in

Mizoram Rashtriya Madhyamik Shikska Abhiya (RMSA) and based on the

audit of the records for the year 2014 - 15 and inputs from the aistricts audit

reports, we are satisfied that the procurement procedure prescribed in the Manual

on Financial Management and procurement under RMSA have been followed and

no deviations were observed.

SI. No. Deviations Details Amount involved(declared as mis-procurement)

1. N.A. Nil Nil

For A.Paul & Co.Chartered AccountantsFirm Registration Number: 312060E

W A~IT PAUL) ,Dated Aizawl, P oprietorthe 2 8th December,2015. Membership No.: 050527

Police Bazar, Shillong-793001



b) In the case of the Consolidated Income & Expenditure Account, of thedeficit for the year ended on that date.

and

c) In the case of the Consolidated Receipts and Payments Account, of thereceipts and payments for the year on that date.

For A. Paul & Co.Chartered AccountantsFirm Registration Number: 312060E

(4JIT PAULDated Aizawl, Proprietorthe 2 8 "h December, 2015. Membership No.: 050527

Police Bazar. Shillong-793001


AJIT PAULB.Con, F.C.A Phone:2225630

b) SMDCs Audit: We have audited 20 SMDCs during the financial year under audit and most

SM)Cs have kept their accounts as per RMSA Financial Manual so far as Cash Book etc.

were concerned . However. maintenance of books of account need improvements. In many

cases vouchers were either missing or not in proper form.

State Project Office: The following suggestions arc felt needed for SPO:

a) We have audited the SPO Office with respect to its Cash Book, Ledger, Journal, Vouchersetc. and have found the same to be correct. We have also checked the Consolidated Annual


b) Cash in hand should be physically verified by authorized ofticials at regularintervals.

c) The system of Internal Audit should be introduced.

d) Stock/Stores Registers are to be updated and verified on a regular basis.

e) Physical verification of fixcd assets should be conducted periodically.

f) Book Keeping may be computerized.

For A. Paul & Co.Chartered AccountantsFirm Registration Number: 312060E

(AJIT PAULDated Aizawl, Proprietor

the 285 December, 2015. Membership No.: 050527

Police Razar, Shillong-793001

UTILIZATION CERTIFICATE (Recurring) FOR THE YEAR ENDING 31.3.2015

Name of the scheme RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA), MIZORAM(Rs.)

SI. Central Share State Share TOTALNo.

1 Opening balance at the beginning of the inancialyear (as on 1 4.2014) 22,473,401.00

2 Details of funds received during the year

2 1 No F 14-15/2014-RMSA-ll(ST) of 6th June 2014 46,137,000.00 46,137,000.00No.F 14-1012014-RMSA-IlI(GEN) of 15th July

2.2 2014 104,998,000 00 104,998,000.00F No. 14-10/2014-RMSA 1l (GEN) of 20th March

2 3 2015 80.499,000 00 80,499,000.00No 24017/4/2011-SED(R)Pt of 27th February

2.4 2015 6,410,000.00 6,410,000.003 Total fund received 231,634,000.00 6,410,000.00 238,044,000.004 Interest 10,485,480.005 Other Receipts (IEDSS Loan Recovery) 14,469,910.006 Total fund available (SI. 1+3+4) 285,472,791.007 Expenditure (grants in aid general) 277,270,205.008 Unspent Balance 8,202,86.00

1 Certified that out of Rs.23.16,34,000/- (Rupoes twenty three crore sixteen lakh twenty thirty fourthousand only) of grant-in-aid sanctioned during the year 2014-15 itt favour of Mizoram vide Ministry ofHuman Resources Development, Department of School Education & Literacy letter Nos. as indicatedabove and Rs 64,10,000/- (Rupees sixty four lakh ten thousand only) received as State share from theState Government vide letter Nos. as indicated above and Rs. 1,04,85,480/- (Rupees one crore fourlakh eighty five thousand four hundred eighty only) on account of interest earned and Rs. 1,44,69,910/-(Rupees one crore forty four lakh sixty nine thousand nine hundred ten only) other receipts during thepenod 2014-15 and Rs. 2,24,73,401/- (Rupees two crore twenty four lakh sevebty three thousand fourhundred one only) on account of unspent balance of the previous year a sum of Rs. 27,72,70,205/-(Rupees twenty seven crore seventy two /akh seventy thousand two hundred five only) has beenutilized for the purpose for which it was sanctioned and the balance of Rs. 82,02.586/- (Rupees eightytwo lalch two thousand five hundred eighty six only) remains unutilized at the end of the year.

2 Certified that I have satisfied myself that the conditions on which the grants-in-aid was sanctioned havebeen fully fulfilled and that I have exercised the following checks to see that the money was actuallyutilised for the purpose for which it was sanctioned.

1) Kinds of checks exercised, i) Audited Statement of Account (Copy enclosed)it) Utilisation received from executing units, records during sample visit.iii) Progress Report

The 28th day of Dec. 2015 Signature with rubber-stamp

SPDMizoram RMSA

State Project Director,AUDITOR'S CERTIFICATE RashtriyaMadhlynmikShikshaAbblyan

We have venfied the above statement with the books and records produced bsame has been drawn in accordance therewith. Miiram1,AIawl

For A. Paul & Co.Chartered Accountants

\ FRN..3120qOE

VJiT PAUL)

roprietorMN.: 050541

The 28th day of Dec. 2015

MIZORAM RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA)

Name of the SIS: MEMS (RMSA): Consolidated Income & Expenditure Account for the year ended 31.03.2015

EXEDTR ceCAmount Amount ICMSce Amount AmountEXPENDITURE Sche Cu nua .Peo a INCOME Sche C ua r aCurrent Year PrevlousYear Current Year Previous Year

Grant-in-aid (general): Interest:Sala of Headmaster 25,678,754 25,920,000 a) RMSA 10,485,480 14,817,871Teacher Salary 144,314,425 144,441,433 Miscellaneous receipts 42.710Laboratory Attendants Salary for New School 14,580,000 14.575.644Laboratory Attendants Salary for Existing School 35,621.000 35.783,000 Other IncomeClerks Salary for New School 14,259,955 14,415,000School Grant 13,959.100 13.959,100 Excess of Expendilure overSelf Defence Centre for Girl Child 840,000 4,224.300 income transferred to Capital Fund 266.784.725 293,522,237In-Service Teachers Training 3,265,500 4,116,000Training of SMDC Members/Community Training 1,462,620 1,458,000Bookfair at Dist Level 730,000Excursion Trip for Students 2,079,600Special/Remedial Teaching 957,000 1,577,500Guidance And Counseling Cell (SCERT) 1,299,600 1,298,400MMER (R) 12,136,251 13,396,213MMER (N-R) 1,256,455Minor Repairs 4,975,000State Level: 1) MMER( R) 2,801,000 3,913,000

2) MMER(N-R) 1,175,76 3

3) Miscellaneous Expensesa) ln-Service Headmasters Training 616,500b Science Kits 6,165,000c) Sports_____ 2,000,000d) Maths Kits 942,000e) Development of Modules . 600,000) IEDSS - 14,469,910

h) Professional Development Prog of State Resource 150,000if Professional Development Prop. of Headmasters 240,000TOTAL RUPEES 277,270,205 308,382,818 TOTAL RUPEES 277,270,205 308,382,818in terms of our report of even date.

For A. Paul & Co. State Project Director

Chartered Accountants Rashtrra Madhyamil Shiksha Ahhiyan

FRN:312060E Mizora-.State Project DirectorRashtya Madyamak ShiikSisha Abh i

Mizorameato

Mizora Edcto lission Society

the 28th of Dec, 2015.



4. Lawngtlai District: We have audited Lawngtlai District and following is the details of work

carried out by us:

a) District Audit: We have audited the District with respect to its Cash Rook, Ledger. Bank

Reconciliation Statement and have found the same to be correct. However, vouchers for

various payments were not in proper form. We have checked the Consolidated Annual


b) SMDCs Audit: We have audited 25 SMDCs and most SNDCs have kept their accounts as

per RMSA Financial Manual so far as Cash Book etc. were concerned . However.

maintenance of books of account need improvements. In many cases % ouchers were either


5. Lunglei District: We have audited Lunglei District and following is the details of work carried

out by us:

a) District Audit: We have ai.dited the district with respect to its Cash Book and Ledger and

have found the same to be correct. However, vouchers for various pa3 ments were not in

proper form. We have checked the Consolidated Annual Financial Statement which they

have prepared and found the same to be correct. Bank Reconciliation Statement has not been

prepared. There was a case of theft of Computers which needs to be followed tip.

b) SMDCs Audit: We have audited 45 SMDCs and most SMDCs have kept their accounts as

per RMSA Financial Manual so far as Cash Book, Ledger etc. were concemed. However.

maintenance of books of account need improvements. In many cases vouchers were either


6. Manit District: We have audited Manit District and following is the details of work carried

out by us:

a) District Audit: We have audited the district with respect to its Cash Book, Ledger. Bank

Reconciliation Statement and have found the same to be correct. However, vouchers fbr

Police Bazar, Shillong-793001

RASHTRIYA MADHYAMIK SHIKSHA ABHlYAN (RMSA), MIZORAM

NOTES ON ACCOUNTS

Significant Accounting Policies:

1. The Financial Statements are prepared in historical cost convention.

2. Fixed Assets are stated at cost.

3. No Depreciation is provided on fixed assets as per RMSA Manual.

4. Consumables are charged as and when purchased.

For A. Paul & Co. State Project Director

Chartered Accountants Rashtriya Madhyamik Shiksha Abhiyan

FRN.:312060E Mizoram.State Poject Director;Rashtriya Maidhymiik Shiksha Abiyan

Rashtriya Madhi usnikshrikshaAhhlyan

Mizoram] Edtc-tios Mision SocietyMi/oraliy,%AzaVI

(AJiIT PAUL)

Proprietor

MN. :050527

The 28th of Dec, 2015

MIZORAM RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN

Consolidated Annual Financial StatementState: MizoramYear Ending: 31.3.2015SOURCE & APPLICATION

RMSA

OpeninglBalancea) Cash in Hand 180,839

6)Cach at Bnk 202,456,669

c) Unadjusted Advances 211,126,074TOTAL 413,763,582

a) Sorce (Rece It)b) Funds Received from Govt. of India 242,167,000

) Funds Received from State Govt 5,410,000

d) Interests 10,485,480

o) Other Receipts iESS Loan Recovery) 14o469,910TOTAL RECEIPTS 687,295,972

. f iApproved Expenditure Savings/,Application (Expenditure) AWP&B including fncurred Excess

1 Civil Work (inclding furniture and major reponr 401 795,297 220,612.026 181,183,271

2 Salary of Staff

a) Salary of Headmaster 26,244,000 25,678,754 565,246

Teacher's salary 146,124,000 144,314,425 1,809,575

c) Salary of Lab Cum Library Attendants (New Schools) 14,590.000 14,580,000 -

d) Salary of Lab, Cum Library Attendants (199 Existm schools) 35,820,000 3 C621,C00 199,000

e) Sala of Office clerk (Nev Schools) 14,580,000 14,259,955 320,045

3 Schooi Annual Grant 14,000,000 13,959,100 40,900

4) Minor Repairs 4,975,000 4,975,000

5) Teacher Trainiega n-seve train % of head Masters for 5 days 3,504,000 3,265,500 238.500

n a-serle trainin of teachers for 5 daysc Professional Development Program of State Resource persons 150,000 150,000

d) Professional Development Program of Headmasters 240,000 240,000

6) Guidance and Counselling

Strengthening of Guidance and Counselling 1,299,600 1,299,600

7) Girls Oriented Activities

Self Defense for Girls jGovt. 040,00 L121,qoo

8) SC/ST Oriented ActivitiesSSpecial Teaching (Govt )957,000 95i.oo

9) Trainingof 5MDCmembers 12,000 0

10) Qalit inteenonBook Fair at Di,rict Level 800,000 T10,00

11) MMER (6 15.1,0 14,397,201 1,

12) OthersTOTAL12,021,97 497,1231

13) Clatino Ralanco:

a) Cash in hand47,5b) Cash in Bank 16,58,29) Unadjusted Advances 1 8

TOTAL RUPEESin terms of our report of even date

For A. Paul & Co. 5941e ProjeLt Director

Chartered Accountants Rashtriya Madhyaik Shiksha Ahiyan

FRN.:312060E i o .

Rashtr'YtllfiyaNII ivaIIilcSNW].ta Ablyan55 ,vN~ .~ Mizoratm Edu'tion~tt MissilnesSociety

(AJIT PAUL)Proprietor

Nr MN. 0505t~

the 21th of 1ec, 2015.

UTILIZATION CERTIFICATE (Non-Recurrinci FOR THE YEAR ENDING 31.3.2015Name of the scheme: RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA), MIZORAM

(Rs.)

SI. Central Share State Share TOTALNo.

Opening balance at the beginning of the financialyear (as on 1.4.2014) 391,290,181.00

2 Details of funds received during the year

2 1 No F 14-10/2014-RMSA-ll(SC) of 15th July 2014 10.533,000.00 10,533,000 003 Total fund received 10,533,000.00 - 10,533,000.004 Total fund available (SI. 1+3+4) 401,823,181.00

Expenditure (grants for creation of capital5 assets) 220,612,026.006 Unspent Balance 11,211,155.001 Certified that out of Rs. 1,05,33,000/- (Rupees one ciore five lakh thirty three thousand only) of grant-in-aid

for creation of capital assets sanctioned during the year 2014-15 in favour of Mizoram vide Ministry ofHuman Resources Development, Department of School Education & Literacy letter Nos. as indicatedabove and Rs. Nil (Rupees Nil only) received as State share from the State Govemnent vide letter Nos. asindicated above and Rs. Nil (Rupees Nil only) on account of interest earned and other receipts during theperiod 2014-15 and Rs. 39,12,90,181/- (Rupees thirty nine crore twelve lakh ninety thousand one hundredeighty one only) on account of unspent balance of the previous year; a sum of Rs 22,06, 12,026/- (Rupeestwenty two crore six lakh twelve thousand twenty six only) has been utilized for the purpose for which it wassanctioned and the balance of Rs. 18. 12,11,155/- (Rupees eighteen crore twelve lakh eleven thousandone hundred fifty five only) remains unutilized at the end of the year

2 Certified that I have satisfied myself that the conditions on which the grants-in-aid was sanctioned havebeen fully fulfilled and that I have exercised the following checks to see that the money was actually utilisedfor the purpose for which it was sanctioned.

1 Kinds of checks exercised i) Audited Statement of Account (Copy enclosed)ii) Utilisation received from executing units, records during

sample visit.iii) Progress Report

The 28th day of Dec, 2015 Signature with rubber-stampSPD

Mizoram RMSAState Project Director,

Rashtriya ilidhiyamiikShililshAbhivan

AUDITOR'S CERTIFICATE Mizrram rducation IiSNion SocietyWe have verified the above statement with the books and records produced before us for our ve11MfatPisdifund thesame has been drawn in accordance therewith.

For A. Paul & Co.Chartered AccountantsFRN.:31206QE

(AJiT PAUL)Proprietor IMN.:050527

The 28"' day of Dec, 2015


AJIT PAULB.Con, F.C.A Phone:2225630

f) Trial Balance at SMDCs level have not been produced before us. Steps shouldbe initiated to bring the trial balances at SMDCs level in the consolidationprocess.

g) Balance Sheet and Income & Expenditure Account should be prepared at alllevels.

h) Closing Stock of Books, Stationery and Consumables on hand have not been

physically verified.

i) As we are told retirement benefits are not applicable, no provisions for the

same have been made.

Subject to the above:

i. We have obtained all the information and explanations, which to the best of our

knowledge and belief were necessary for the purpose of our audit.

ii. In our opinion, necessary books of account as required by law have been kept so

far as appears from our examinations of those books.

iii. The Consolidated Balance Sheet and the Consolidated Income & Expenditure

Account and the Consolidated Receipts and Payments Account dealt with by this

report are in agreement with the books of account.

iv. In our opinion, the Consolidated Balance Sheet and the Consolidated Income &

Expenditure Account and the Consolidated Receipts and Payments Account dealt

with by this report generally comply with the accounting standards where

applicable.

v. In our opinion and to the best of our information and according to the

explanations given to us. the said accounts give the information required and give

a true and fair view in conformity with the accounting principles generally

accepted in India

a) In the case of the Consolidated Balance Sheet of the State of Affairs of the

organization as at 3 1St March, 2015.

Police Bazar. Shillong-793001 e

MIZORAM RASHTRIYA MADHYAMIK S!SAAH ANRMAIName of the SIS: MEMS (RMSA) Consolidated Reeipts & Payments Account r the ear ended 31.03.2015

RECEIPTS Sche Currentfea, PrviousYear AYMENS Sche Curient Year mous YearOpeninq Balance :Epanditure at Districts and SMOC leVe0:a) Cash in Hand 180839 52.718 Captal Assets: Civil Work 220,812.02 172,086,264b) Cash at Bank 202.456,659 238 Grant-in-aid (neral):c) Unadjusted Advances 211,126.074 174509.544 Salar of Headmaster 25,678.754 25,920,0Teacher Selar 144.314.425 144,441.433Laborator Attendants Salar for Naw School 14,S80,000 14.575,644Funds Received From Govt of India: Laborato Attendants Salary for E.In School 35,621.000 35,783,000

Clerks Salar fot New Schoft 14,259,955 14.415,007a) RMSA 242,187027 394,52t,000 School Grant 95"DO 13,596100Funds Received From State Govt;GF Chld 44,224.300Pand RecivedPramStat GSn: I-Service reachets Training.25.0 4,11t6,000

".anuna of SMDC MembertCommunity Training 1,462,620 1,4580500a) RMSA 6.41000 71.663,000 Ecrsion it for Students 2.079.600Bookfair at Gist Level 730.000 _____Interest SPO 8 1ecial Teachin 957,000 1,577,202Guidance And Coanselieg Call SCERT) 1.299,600 1,288,400a) RMSA Otst 4.916,460 14,S17,871 tMER (RI 12.136,251 13.396,213IEDS Loan Recovery 1445.910 42.710 R1

Expenditure of distnct and sub- Minar lenair 4,97K,80 5__!5district level adjusted against State Level :1 NIMER R 2.801. 3013.000advances 2 NIMER(N-R 1.75,763Advance for district and SMDC 31 Miscellaneous Expenses.progrn'a e activities adjusted Funds a In-Serice Headmasters Training 616.50refunded by distocts and SMOC Level cnce KIt 6.165,000

C) Spos . 2,000 005d) Maths Kits 9 42.,000e)nDvelopment of Moules 600.000

_______D_ IEGDSS 14,466,516C siPrdeessionl evele&went Pro aS tate Resourccnt.0o0h,yarened 1.30Sche CurrentYea v hi Prouessional evaeropment Prog. h Headuasters 24.0 PEClendi Balance a Cash i Hand 421,143202455669 Cash at Bank 1273601.78 202,456,86

21 4 Unadjsted Advances 211.128,674TOTAL RUPrES ~~~~~~~687,295,972 83.5 -6 T -A RPE 8,9,7 9,5,$in tems1 v60cr report Sa even dare.

For A Pro tCt Star Projct DirectrChaLtatd AcoAnttets nRdhatvs MaShaaarik EsO,n AgSy

1 Stalte Project Dtirveiot,

Clrk SaayfrN1Sho

't5pjn PAUL) A.m'al F In ff:nhty a:tiyotjiso SRfklocAittPro3 05021 000 Sracon,o AGria

the 28e n of Dect 20fSo


AJIT PAULB.Corn, F.C.A

Phone:2225630

AUDITORS' REPORT

We have audited the attached Consolidated Balance Sheet of Mizoram Rashtriya

Madhyamik Shikska Abhiyan (RMSA) as at 31st March, 2015 and also the annexed

Consolidated Income and Expenditure Account and the Consolidated Receipts and

Payments Account for the year ended on that date. These financial statements are the

responsibility of the Organization's management. Our responsibility is to express an

opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in

India. These standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement. The

audit includes examining. on a test basis. evidences supporting the amounts and

dislosIUres in financial statements. The audit also includes assessing the accounting

principles used and significant estimates made by the management, as well as

evaluating the overall financial statement presentation. We believe that our audit

provides a reasonable basis of our opinion.

We have following to report:

a) Fixed assets have not been verified by the authorities.

b) Depreciation have not been provided on fixed assets.

c) Physical Verification of Cash in hand as on 31" March, 2015 at all levels was

not conducted.

d) Excessive cash holding should be avoided.

e) On certain occasions payments of high amounts were made by bearer

cheques/cash instead of crossed account payee cheques which should be

avoided.

Police Bazar, Shidlong-793001

world bank document · sub: management letter -audit for the year 2014-2015. dear sir, we have...

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