Page 139 - Office Practice and Accounting 10

constitutional bodies also have to get audited their accounts according to prevalent
rules and regulations compulsorily. Auditor in private business organizations is
appointed at general assembly of shareholder. He is professional, independent and
management has no control over his work.

Differences between internal audit and final audit:

Internal Audit Final Audit
1. Internal auditor is appointed by the 1. Final auditor is appointed by
management of the organization. shareholder’s general meeting.
2. Internal auditor is a staff of the 2. Final auditor is independent and
organization professional .
3. The rights, duties and 3. The rights, duties and
responsibilities of an internal responsibilities of final auditor are
auditor are determined by the determined by Company Act 2063
management. in case of private organizations
4. Objective of internal audit is 4. Objective of final audit is to
detecting errors, frauds and approve financial statement by
prevent at early stage and to
facilitate final audit. pointing out irregularities, if any.
5. District Treasury and Comptroller’s 5. Office of the Auditor General is
Office is responsible for internal responsible for making the final
auditing of government office. audit of government office.

6. Internal auditing is also known as 6. It is conducted after preparation of
continuous auditing and carried final account and after completion
out throughout the year. of accounting year.

Classification of Budget Expenditure

The New Accounting System of the government has classified the expenditure into
different types according to their nature. Such classification is made for recording,
controlling and maintaining uniformity in all government office easily. The new
budget head classification is brought by Office of the Comptroller General into
implementation from fiscal year 2068/69. The new classification of budget expenditure
is presented below:

C. No. Heads Explanation
20000 Expenditure
21000 Remuneration/ Amount paid to staff and executives against the
facilities works performed by them in an accounting year. But
remuneration paid in connection to capital formation is
not included on it.

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