Page 103 - NAAC SSR 2020

6.4.3.1 Total Grants received from non-government bodies, individuals, Philanthropists year wise

during the last five years (INR in Lakhs)

2018-19 2017-18 2016-17 2015-16 2014-15
9.15 3 4.90 2.50 22

File Description Document

Institutional data in prescribed format View Document

Annual statements of accounts View Document

6.4.4 Institution conducts internal and external financial audits regularly

Response

VIT follows the mercantile system of accounting and complies with the guidelines and Indian

Accounting Standards (Ind AS) recommended by the Institute of Chartered Accountants of India.
It has a well laid down internal control mechanism by internal auditors, audited independently

every quarter, apart from an in depth annual statutory audit carried out by reputed external

auditors. Periodical monitoring of expenditure, compared with the approved budget, is carried out.
The institution’s financial stability has been rated as “AA-” consecutively for the last four years by

the credit rating agency ICRA, which indicates a strong and stable financial position.

Internal audit

Internal audits are conducted once in every quarter. M/s ThinkSynQ Solutions Pvt. Ltd., Chennai
is involved in conducting internal audit during which vouching of bills, random checking and

scrutiny of high value bills are done. The audit is generally conducted for 10 days and the report is

submitted to the institute within a month.

The internal audit is used to monitor the accounting process on a continuous basis. The audit
objections raised during internal audit are rectified and recommendations for process improvement

are implemented.

Typical audit objections raised and addressed are

1. Purchase order to be released only after ensuring due budget approval in that financial

year.
This is achieved at the indenting stage itself by processing everything through in-house

software which checks for budget approval. (FY 16-17).

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