Audit Manual - Core Treasury System Uttarakhand

Government of Uttarakhand
Audit Manual
Sr. No Activity Risk Audit Steps
• Verify whether tax has been properly deducted on interest
payment as per I.Tax Act,1961. Check that exemption certificate
has been taken before deducting lower tax as per the prescribed
rate.
C
Reserve fund
11 Sinking & Other Reserve fund • Inadequate classification of reserve fund
• Non-compliance to rules or order
• Non reconciliation of the reserve fund
balance outstanding
• Misutilisation of reserve fund for
inappropriate purpose
• Verify that the credits to funds are in accordance with the
undertaking given by the government
• Check that payments are eventually utilized for the purpose for
which the funds were created
• Verify the classification principle pertaining to Reserve and reserve
funds (Specific / Well defined purpose) and check that
transactions are accounted according to the classification
• Verify the transactions and check whether they conform to the
rules or order by competent authority
• Verify the balance outstanding in each fund account periodically
D
Guarantees
12 Contingent liability on account of • Non compliance to order issued by the • Verify the limit defined by the Act of of the state legislature/ GOI
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