Examination on Accounts and Audit Functions

 Examination on Accounts and Audit Functions

-Dr. Lalit Kumar Setia

The examinations of Accounts Officers, on Financial and Compliance Audit, Methods and Procedure of Auditing including auditing in Information Technology (IT) environment are very easy to attempt after going through the material available on my webpages. The Auditing standards are issued by Comptroller Auditor General in India, at the international level, these are issued by IFAC and INTOSAI.

The CPD test and syllabus focuses on the understanding of the Audit function. In Government, the Accounts Officer is Head of an office of Accounts responsible to ensure effective utilization of financial resources and compliance of rules in the department. The Audit officer is the head of an office of Audit. The Audit Officer and Accounts Officer, both are inter-related. An accounts officer performs functions as per financial rules while an audit officer checks and points out the irregularities while performing financial functions with recommendations to do the same work better.

To know the responsibilities of a Head of Accounts Office, the following article is a must-read.

https://drlalitsetia.blogspot.com/2021/08/responsibilities-of-head-of-accounting.html

From where do the funds/grants come in a Government office?

Article 267(1) of the constitution establishes Contingency Fund and an officer is designated as ‘Drawing Officer’ by the Central Government or Head of the Department; for drawing bills from this fund so that the financial functions may be discharged as per Government Accounting Rules 1990, Government Account (Receipt and Payment) Rules, 1983 and the orders or instructions issued latest in this regard.

How Haryana Treasuries are performing financial functions with the help of allotting Unique Code of Payee. Have a detailed reading of the following –

https://drlalitsetia.blogspot.com/2021/09/how-does-unique-code-of-payee-work.html

It is well known that an audit is an examination of accounting records which includes entries of financial transactions undertaken for performing the official duties by the officers of an office.

The PC-8 paper of Financial Rules and Principles of Government Accounts:

The Group II examinations for Subordinate Audit/Accounts Services (SAS) are particularly related to Financial Rules, Principles of Accounting in Government, Audit function, etc. The examination books are available on the web portal of CAG and the syllabus is also prescribed by the CAG, the sole authority entrusted with the responsibility of audit of accounts.

It is required to have a detailed understanding of Financial Procedures in Government, also explained in the following article –

https://managerialadministration.blogspot.com/2018/04/financial-procedures-in-government.html

Can an Executive Force Audit Officer modify audit findings?

This question is generally asked by the participants, Auditors in my class whether the Audit should be independent or not? It is interesting to clear that an Auditor General of State and Comptroller Auditor General in Central Government, is fully independent and there is no power in the hands of executive to direct the Audit Officers to modify or refrain from carrying out a fair audit, derive conclusions, and recommend to ensure proper utilization of the financial resources.

How the rules enforce the financial control and how the administration is held responsible if any irregularity stays for the long term –

https://managerialadministration.blogspot.com/2018/10/accounts-administration-and-prevention.html

Financial Audit

To verify whether the Government Accounts are properly prepared or not, whether the applicable laws and rules are compliance or not, whether there is a need to point out excess or shortfall in expenditure or not, and if there are any irregularities, what should be an action plan for sorting out the issues and timely completion and monitoring of the financial statements?

How to ensure effective financial administration –

https://managerialadministration.blogspot.com/2018/10/effective-financial-administration.html 

*Copyright © 2021 Dr. Lalit Kumar. All rights reserved. 

This article is written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was published on 8th October 2021 and last updated on 8th October 2021. The writer can be contacted on lalitkumarsetia@gmail.com