KANCHANJANGA VIP ENCLAVES APARTMENT OWNERS’ ASSOCIATION
As resolved and assigned by the Managing committee of KVIPEAOA, the Internal Audit of the Society’s Accounts for the Financial Years of (1) 2018-19, and (2) 2019-20 have been carried out by us on the basis of the records mentioned bellow which were made available to us for the audit:
(1) Cash Book, (2) General Ledger, (3) Bank Pass Books, (4) Money Receipts, and (5) Payment Vouchers.
On the basis of the examination of the above mentioned Records furnished to us, the Internal Audit was completed, and our Observations are as follows:
1. All the “Receipts” to the Society Account have been accompanied by a unique MR No. (Money Receipt), and clearly entered in the Cash Book and the MR Books are kept in safe custody.
2. All the “Expenses” from the Society Account have been accompanied by a unique PV No. (Purchase Voucher), and clearly entered in the Cash Book and the PV Bundles are kept in safe custody.
3. The Members’ Monthly Contribution Ledger have been found to be neatly entered and kept up-to-date.
4. All the Bank-Transaction Pass-Books, Bank FDRs and Cheque-Books ate kept properly in the safe custody.
5. There were no errors, omissions, missing entries or double entries found; except a single case of Typo-error (which was readily corrected).
6. There were no errors / anomalies regarding the calculation, Brought Forward (Opening Balance), or Carried Forward (Closing Balance) figures, and all Cash in Hand, Bank PB, Bank FD status have been successfully reconciled and tallied.
In our opinion and to the best of information / records /explanations furnished to us, the said accounts / records for both the periods conform to the true and fair view, and the internal checks & balance system is adequate. There are no cases of anomalies or misappropriation noticed on the records furnished to us.
It is suggested to maintain the following additional Books for further efficiency in maintaining records as well as ready reference:
1. A Purchase Voucher Book with duplicate pages in line with the MR Books,
2. A Stock Register,
3. An Internal Accounts Manual for easy and flawless reference.