Internal Audit Division

Provisions of Audit Committee

The Audit Committee of the University has been constituted in terms of

BD/PE Circular no 01/2000 dated 17.02.2000
Public Finance Circular no PF/PE 4 dated 11.01.2000
UGC Commission Circular no 807 dated 02.08.2002
Internal Audit Circular No 02/2006 dated 19.06.2006 adopted Public Enterprises Circular PED 31 dated 01.07.2005
Audit and Management Circular DMA/2009 (1) dated 09.06.2009
Public Enterprises Circular PED 55 dated 14.12.2010
Para 7:4:1 and 7:4:2 of the Public Enterprises Guidelines for Good Governance.

Objective

The primary objective of the Audit Committee is to assist the Council of the University in its oversight responsibility for overall management and to ensure that accountability, integrity and ethical behavior are well maintained in all its operational functions and effectiveness of the internal control systems in order to improve the governance process.

Membership

Three non-executive (UGC appointed) members of the Council, chaired preferably by a Treasury Representative or person possessing financial management skills.
A representative from the Auditor General’s Department as an observer
Registrar and Bursar on invitation
Chief Internal Auditor of the UGC or his nominee as an observer
Head, Internal Audit Division of the University (Secretary)
Members of the Committee shall be appointed by the Council of the University.

Duties and Responsibilities of the Committee

Determine the scope and responsibilities of the Internal Audit Division of the University.
Preview and approve the annual audit plan and the work program.
Review, evaluate and introduce new internal control systems for all activities covering accounting, financial and operational aspects of the University.
Review internal audit queries, paragraphs, report findings, recommendations and responses for remedial action.
Review external audit queries, paragraphs, report findings, recommendations and responses for remedial action.
Review and recommend the annual financial statements of the University.
Review preliminary internal financial statements including budgets, review reports and evaluate cost effectiveness, performance and meeting targets.
Review the audit report received by the University and recommend suitable action, where appropriate to the Council.
Review performance at regular intervals for cost effectiveness and to eliminate wasteful expenditure etc.
Ascertain whether rules, regulations and circulars are complied with
Review financial statements to ensure compliance with Accounting Standards and other applicable legal requirements.
Review implementation of recommendations / directives of the Committee on Public Enterprises (COPE).
Prepare reports on the findings of the Committee for inclusion in the annual report.
Ensure timely submission of final accounts and annual reports etc.
Interaction with the internal auditors and external auditors.
Create awareness on requirement for compliance with Treasury Circulars and other directives.
Review matters pertaining to elimination of waste and corruption and make the organization cost conscious.
Monitor actions, rectifications and measures recommended by the Committee implemented.
Review the annual Procurement Plan, Action Plan and Corporate Plan.
Ensure that all relevant rules, regulations and circulars issued by the Government are complied with continuously reviewing, monitoring and making recommendations to the Council on non-compliance.
Establish procedures for the receipt, retention and treatment of complaints received by the University regarding confidential/ anonymous submissions made by parties of concern regarding questionable accounting and audit matters including procedures.
Submit its observations on the above matters to the Council of the University with recommendations for necessary action.

Meetings of the Committee

The Committee shall meet on a regular basis, at least once in every three months in each financial year.
The quorum for a meeting of the Committee shall be two third of its total membership.
The Chairman shall preside at all meetings of the Committee and a member elected from among the members present shall chair the meetings in the absence of the Chairman.
The Committee shall maintain written minutes of its meetings, which will be filed of record by the Secretary to the Committee and distribute among members within two weeks from the date of which the meeting was held.
The Committee may request any officer, employee, outside counsel or independent auditor to attend a meeting of the Committee.

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