Section 32 of The Rashtriya Raksha University Act, 2020.
- (1)The University shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance-sheet in such form and accounting standard as may be specified, by notification, by the Central Government in consultation with the Comptroller and Auditor-General of India.
- (2)The accounts of the University shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by it in connection with such audit shall be payable by it to the Comptroller and Auditor-General of India.
- (3)The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the University shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts, and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the University.
- (4)The accounts of the University as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.
Summary
- The University has to keep proper financial records and prepare an annual balance sheet.
- The specific format for these records is decided by the Central Government after consulting the Comptroller and Auditor-General of India.
- The Comptroller and Auditor-General of India audits these accounts, and the University must pay them for this service.
- The auditors have the power to inspect the University's offices and demand to see any financial documents.
- The final audited report is sent to the Central Government, which then presents it to both Houses of Parliament.
Practical examples
FAQ
1. Who decides how the University's financial statements should look?
The Central Government decides the format and standards, but it must consult the Comptroller and Auditor-General of India first.
2. Does the University get its audits done for free?
No, the University has to pay the Comptroller and Auditor-General of India for the cost of the audit.
3. Can the auditors look at any document they want?
Yes, they have the right to demand books, connected vouchers, and other papers during their inspection.
Test yourself
Q1.Under Section 32 of The Rashtriya Raksha University Act, 2020., who is responsible for conducting the audit of the University's accounts?
Q2.Under Section 32 of The Rashtriya Raksha University Act, 2020., what happens to the audit report after it is certified?
Q3.Under Section 32 of The Rashtriya Raksha University Act, 2020., what powers do the auditors have when visiting the University?
Q4.Under Section 32 and Section 19 of The Rashtriya Raksha University Act, 2020., while the Finance Committee handles internal financial functions, who sets the final accounting standards the University must use?