Institute of Chartered Accountants of India
The findings of the Research Report on “Internal Control System in State Owned Universities A Study to Formulate Internal Control Manual” stated that most of the state-owned universities are still following conventional method of accounting and doesn’t have an internal control system / manual, internal financial controls and Standard operating procedures in place to prevent, detect and control revenue leakages and wasteful expenditures.
A basic and scalable internal control system/manual has been developed with sound internal control framework; standard operating procedures & risk control matrices relating to following areas and risk factors to cope up with the said procedural gaps:
Financial planning and Analysis (FPA)
Treasury and Finance (T & F)
Capital Expenditure
Period End/Month End Closing procedures
High Level Chart of authority (High Level DoA)
