AUDIT REPORT

Nature of the organization: Sree Vidyanikethan Educational Trust

Nature of the organization: Education

Nature of audit: General

Commencement date: 17/03/2018 Submission date:24/03/2018

Coordinator of lab: Sri Gurrappa Naidu

DEPARTMENT: FINANCE

Submitted by:
K.Muni Kumar
A.Karthik
A.Balaji goud
K.Mahesh
M.Prem sagar
INTRODUCTION

 The internal audit assignment was conducted in accordance with the approved
internal audit plan, covering the [Process] of the Department.

 This report records the results of our internal audit findings and recommendations
looking at possible ways in which the controls and operations could be improved to
overcome identified weaknesses in control and increase the adequacy, efficiency
and effectiveness of controls based on the risk identified.

 The matters raised in this report are only those, which have come to our attention
arising from our audit that we believe they need to be brought to your attention. It is
not a comprehensive record of all the matters arising and in particular we cannot be
held responsible for reporting all risks and all internal control weaknesses.

 The maintenance of effective control measures still remains the responsibility of

management and not that of Internal Audit.

 This report has been prepared solely for the use by the Department of
CHEMISTRY LAB. We do not accept responsibility to any third party to whom the
contents may be disclosed or who at their own accord may decide to rely on it as
the report has not been prepared for, and is not intended for, any other purpose.

We have conducted the audit assignment in terms of the approved internal audit plan. The
time period covered by the audit is from 1 April 2016 to 31 July 2017. Audit procedures
performed are designed to evaluate the adequacy, efficiency and effectiveness of the
Department’s governance principles, risk management and control processes.

SOURCES OF INFORMATION:
Audit work was conducted on the basis of enquiry, observation, confirmation and
verification of supporting documentation and identified processes.

During our visit, we verified

1. Opening stock on 1/04/2016 & closing stock on 31/03/2017.

2. No.of items purchased during the year along with the documents.
3. No.of items damaged during the year along with the documents.
4. No.of items transferred to other labs.
5. Other major things in the lab.

We observed that achievement of certain results were satisfactory. These areas are
mentioned below:

SL.NO RESULT AREAS INDICATORS OBSERVATION

 1 Procurement of a)All chemicals as per
a) All procurements
Equipment and list as approved by have been done as per
Chemicals SVET have been the specified
purchased and in use procurement
at the lab. guideline.
b)All equipment as b) Chemicals and
per list as approved by
equipment were
SVET have been purchased as
purchased and in use approved by
at the lab SVET.
c) All chemicals andc) All the assets have
equipment are been entered into the
properly recorded in Fixed Asset Register
the stock register. with proper
identification number.
2 Basic data base of Data base of all Related data base
chemicals and glass- chemicals and glass maintained.
ware equipment ware equipment are
available-in the form
of records.
3 Transferred to other Equipments and Separate documents
labs chemicals are are maintained for
transferred to SVDC transfer of equipments
with proper and chemicals
documents.
4 Damaged items Mostly glass Glass equipments are
equipments are damaged and
damaged in the lab. documents are
maintained by the lab
technicians.
5 Maintaining records Separate records are a) Stock register is
maintained for each maintained for
items . opening and closing
balances.
b) quotation books are
maintained by the
technician.

Recommendations:
a) I recommend them to maintain proper students records.
b) Maintain computerized records along with book records.
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