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 Requisitioning the funds required for items of expenditure by a budget every
month, from the BJES.
 Apportioning the sanctioned funds for items of expenditure in consultation with
and approval of the Principal and the members of the Finance Committee.
 Corporation tax, EPF, professional tax, income tax of government aided staff paid
to respective government accounts each month. Service tax, luxury tax deductible
wherever applicable, is collected and remitted to respective tax deposits each
month through BJES.
 Verification of total amount disbursed against money received from BJES as per
the budget allocated.
 Selection of vendors and service providers based on the quotations they furnish.
Ensuring minimum three quotations for the same specification of product or work.
 Half-yearly audit of accounts, third-quarter audit by the audit staff deputed by the
institutional auditor, undertaken every financial year.
 Good and transparent accounting and audit practices.

6.4.2. Does the College have a mechanism for internal and external audit? Give
details.
The College has the following mechanism in place for the past several years:
 For internal audit: two members of BJES, designated as revisers, personally visit
and check the financial status and authenticity of accounts. The designated persons-
other than members of the college- check the particulars of all cash/bank
transactions once in the financial year, for two successive days, as assigned by the
Vice President of the BJES.
 The external audit of the College accounts has been entrusted to external chartered
accountants who oversee the half-yearly, third-quarter and annual audits and
suitably instruct the BJES.

6.4.3. Provide audited income and expenditure statement of academic and
administrative activities of the previous four years.
The next section presents the audited income and expenditure statements.

2012-13

183