Auditing of Educational Institutions

The audit of Educational institutions is a special audit, it is an audit of books, the account of universities.

While the Educational Audit the following points should be taken care of:

  • The deeds and regulations should be studied carefully, the auditor should prepare a notebook to maintain all the details and write the rules and regulations of the institution.
  • The previous financial statements should be examined including the receipts or cash books, the provisions applicable to the institution by the government should be noted.
  • The internal control system should be reviewed, the minute details of every meeting of board members should be noted with the resolution, the purpose of the meeting, and whether that purpose was fulfilled or not.

  • The student’s fee register and the transactions made in the account of the institution should be investigated, where the money is being used should be checked.
  • The cashbook with the respect of counterfoils of receipts should be verified, the capital fund, admission fees, and the additional fees the institution charges should be examined. Whether the students are getting the educational services or not for which they are paying. The examination fees paid to the institution, it is conducting the examination at what level.
  • The scholarships or fees concessions are offered or not. If offered from where the money comes, the fines for late payment or absence are charged or not.
  • The hostel fees are according to the services provided or institution is charging extra fees unnecessary. The rental income or expenses should be verified.
  • The investments made by the institution should be checked in the investment register, the interest, and dividend from an investment if any should be examined.
  • The grants from any law authority or Government with reference to sanction letter. If the firms or government body made any donation to the institution, where it was used.
  • The Confirmation of any deposits and caution money and how the caution money was treated.
  • The expenses for library books, laboratories, and sports equipment mentioned in the record are correct or fraud, the maintenance fees and every amount of fees charged should be examined.
  • The prizes were given to students, and the salary of staff is in accordance with salary register or not, the salary payable and the deduction made.
  • The electricity and water bill payment should be vouched. Confirmation of various taxes like Income Tax that institution pays.
  • The events organized at various levels either it is inter-state, inter-institutions or inter-regional level, the amount used in an event should be examined thoroughly.



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