INTERNAL AND EXTERNAL AUDIT
Mobilisation of Funds
The Financial resource to the Institution is mainly received as student’s tuition fees. The Tuition fee is fixed for each academic year is based on the previous year’s expenditure and the impact of the inflation. The Institution prepares a detailed expenditure and source of fund and in turn finalizes the tuition fees as per the guidelines of Tuition fee fixation committee of Tamil Nadu. While discussion, the Institution capital expenditure, staff salary with yearly increment are taken into consideration by forecasting expected expenditure. The Institution allocates funds for each heads of expenditure. Hence, the major resource mobilization depends on the student’s tuition fees fixation by the Institution.
Budget Planning
Heads of Department of each programme submits budget requirement for every financial year to the Principal. The Finance committee analyses each department requirements and prepares a consolidated budget and forward it to the Management/Governing Council through Principal for Consideration and Approval.
Optimal Utilization of resources
An Annual Budget is prepared to optimal utilization of financial resources based on the estimates received from the department and the functional units of the Institution. The resources in the form of facilities and equipment are maintained to ensure optimum performance.
External Audit
The Financial team audits the document every financial year regularly. External audit is conducted regularly on an annual basis by the statutory auditors of the trust.
Internal Audit
Internal audit is conducted on regular basis by Finance team members at regular intervals considering the following heads, such as Vouchers, supporting bills and invoices, Approvals and authorization are verified with Instructions, Accounting of expenses according to the nature of the expenses.
