The Central Audit Committee is constituted every year by the Council as per following guidelines:
- The Central Audit Committee shall consist of atleast five members, one member from each region who shall be the Chairman of the concerned Regional Audit Committee.
- No member of the Executive Committee or Finance Committee of the Central Council shall be member of the Central Audit Committee.
|2. Terms of Reference
|2.1 Overview Institutes' financial reporting process and disclosure of financial information leading to presentation of financial statements that are true and fair.
- A. Recommend to the Executive Committee, appointment, scope and removal and fixation of fees of :
- Internal auditors of Head Office
- Internal auditors of Regional Councils
- Statutory auditors and Internal auditors of Decentralised Offices
- Statutory and Internal auditors of Branches having more than 1000 members
- Statutory auditors and Internal Auditors of Branches where Decentralised Offices are located, even if the membership strength is less than 1000 members
- Statutory and Internal auditors of Centres of Excellence
- Statutory and Internal auditors of Overseas offices
- Auditors for concurrent audit of Head Office, Regional Councils, Decentralised Offices, Branches having more than 1000 members, Branches having less than 1000 members but where DCO is located and Centres of Excellence
- Auditors for Special/ Operational audit of Head Office, Regional Councils, Decentralised Offices, Branches having more than 1000 members, Branches having less than 1000 members but where DCO is located and Centres of Excellence
- Auditors for certification work at Head Office, Decentralised Offices, Branches having more than 1000 members, Branches having less than 1000 members but where DCO is located and Centres of Excellence.
- B. Recommend to the Council, appointment, scope and removal and fixation of fees of Statutory Auditors of Head Office.
- C. Recommend to the Regional Audit Committees the structure of fees for appointments of auditors by them.
|2.3 Review half yearly / annual financial statements of the Institute focusing primarily on:
- Accounting policies and practices.
- Compliance with Accounting Standards.
- Compliance with legal requirements concerning financial statements.
- Reconciliation of various accounts including members, students, examination fees, banks, publication, inventory etc.
- Acquisition, disposal and physical verification of fixed assets.
- Acquisition and disposal of Investments including deposits and its reconciliation.
- Major accounting entries based on exercise of the judgement by Executive Committee of the Institute / Finance Committee / any other relevant Committee.
- Significant adjustments arising out of audit.
- Qualification in draft auditors' report, if any.
|2.4 Hold discussions with auditors and recommend/initiate actions, as may be considered appropriate.
|2.5 Review adequacy of internal control systems including the policies relating to security and integrity of data.
|2.6 Review Institute�s financial and risk management policies.
|2.7 Review reports of Statutory Auditors and those of Internal Auditors of Head Office, Regional Councils, Decentralized Offices, branches where decentralized offices are located and Branches having membership strength of more than 1000.
|2.8 Review reports / recommendations of the Regional Audit Committee and give directions and/or initiate appropriate measures as required.
|2.9 Place its recommendations / suggestions to the Executive Committee, Council or any other relevant Committees.
|2.10 Any other matter that may be referred by the Council/Executive Committee from time to time.