Internal /External Audit
The institute has a mechanism for internal and external audit. We have our own internal audit mechanism where internal audit is an ongoing continuous process in addition to the external auditors to verify and certify the entire Income and Expenditure and the Capital Expenditure of the Institute each year. Qualified Internal Auditors from external resources have been permanently appointed and a team of staff under them do a thorough check and verification of all vouchers of the transactions that are carried out in each financial year. Likewise an external audit is also carried out on an elaborate way on quarterly basis. The institutional accounts are audited regularly by both Internal and statutory audits. So far there have been no major findings / objections. Minor errors of omissions and commissions when pointed out by the audit team are immediately corrected / rectified and precautionary steps are taken to avoid recurrence of such errors in future. The institute regularly follows Internal & external financial audit system.
The college Management (Dadasaheb Gawai Charitable Trust) has set up an Audit Committee for the purpose of co-ordination with the Internal and External audit process:
Internal Audit Committee:
- L. Gaydhane
- Prashant Marolkar
- S. Nakhale
Audit committee responsibilities encompass:
- Reviewing and approving audit strategies, policies, programs, and organizational structure, including selection/termination of external auditors or outsourced internal audit vendors.
- Establishing schedules and agendas for regular meetings with internal and external auditors.
- The committee will meet at least four times a year.
- Supervising the audit function directly to ensure that internal and external auditors are independent and objective in their findings.
- Working with internal and external auditors to ensure that the institution has comprehensive audit coverage to meet the risks and demands posed by its current and planned activities.
- Significant input into hiring senior internal audit personnel, setting compensation, reviewing annual audit plans/schedules, and evaluating the internal audit manager’s performance.
- Retaining auditors who are fully qualified to audit the kinds of activities in which the bank is engaged.
- Monitoring, tracking, and, where necessary, providing discipline to ensure effective and timely response by management to correct control weaknesses and violations of law or regulation noted in internal or external audit reports or in examination reports.
Functions of Internal Audit
- Independent and objective evaluation and testing of a institution’s overall internal control system (i.e., operational and administrative controls beyond those associated with financial statement preparation),
- Ensuring the safeguarding and proper recording of a institution’s assets, and
- Determining compliance with laws, regulations, and established organisation’s policies and practices.