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Draft Inspection Report on the accounts of the National Institute of Technology (NIT),

Aizawl, Mizoram from 0!0"!#0$ to $!0$!#0"

%art I

! Intro&uctory'

A test audit on the accounts of the National Institute of Technology, Aizawl, Mizoram

from 01.04.201 to 1.0.2014 was conducted !y an audit team from the office of the

"rinci#al Accountant $eneral, Mizoram, Aizawl from 0%.10.2014 to 22.10.2014.

#! Incumency'

The following officers held the charge of the head and the &rawing and &is!ursing

'fficer of the National Institute of Technology, Aizawl, during the #eriod mentioned againsttheir names(

Name of the ea& Designation %erio&

"rof. ). * +ay &irector 02.12.11 till date

Name of the DD* Designation %erio&

Ms. -althianghlimi ote &y. +egistrar 01.04.1 12.12.1

"rof. M. /. ingh +egistrar 1.12.1 0.0.14

Ms. -althianghlimi ote &y. +egistrar 0%.0.14 till date

$! Allotment of fun&s an& e+pen&iture there against &uring #0#$'

(Rs. in lakh)

-ear

Allotment of .un& /+pen&iture /+cess

()1

2a3ings

()%lan

Non

%lanIR4 Total %lan

Non

%lanIR4 Total

20114 1200.00 22.0% 142.0% 340.42 340.42 5 11.

I+$ Internal +e6enue $enerated5

"! Re3iew of outstan&ing Au&it *ser3ation'

Nil

5! Disclaimer 2tatement'

The Ins#ection +e#ort has !een #re#ared on the !asis of information furnished and made

a6aila!le !y the &irector, National Institute of Technology, Aizawl, Mizoram. The office of

the "rinci#al Accountant $eneral, Mizoram, Aizawl disclaims any res#onsi!ility for anymisinformation and or noninformation on the #art of the auditee.

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%ara #' Discrepancies in the figures oo=e& in the Annual Accounts #0$"

crutiny of the records of National Institute of Technology NIT5, Mizoram, Aizawl re6ealed

the following discre#ancies(

1. An e?#enditure of +s.,% +s.100 @ +s.,%5 was incurred for !an; chargesagainst two !an; accounts N" account and 7ee account 5 during the year 20114.

was !oo;ed under 7urniture = 7i?tures ID :?#enditure on 7i?ed

Assets = *a#ital Bor;in"rogress5. "age No. 35 reflects

+s.>%,4,> under 7i?ed Assets which resulted in o6erstatement of +s.0,00,000+s.>%,4,> +s.%,4,>5.

The Institute stated, in its re#ly, that +s.0,00,000 had !een added to the 7urniture =

7i?ture to adEust the wrong !oo;ing understatement5 in the last 7inancial Cear.

. As #er chedule > "age No. 35 an amount of +s.0,00,000 was shown as deduction

from 7i?ed Assets 'ffice :Fui#ments amounting to +s. 1,,>,% without any

e?#lanation9reason. 3 +s.13,>,> H

>9%. +s.13,>,>5. 7urther, rate of de#reciation to !e calculated on -a!oratory

:Fui#ments was reflected at 10G in the list of de#reciation on 7i?ed Assets "age

No.25.

The Institute re#lied that de#reciation on -a! eFui#ments would !e calculated at the

rate of >G in future and de#reciation at the rate of 10G reflected in "age No.2 was

Eust a ty#ing mista;e.

%ara $' ;an= Interest oser3ations thereof

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crutiny of records of the National Institute of Technology NIT5, Mizoram, Aizawl re6ealed

that the Institute earned an amount of +s. 1,00,4>,%%1 as on 1stMarch 20145 as a !an;

interest from three interest!earing !an; accounts and 7i?ed &e#osits during 20114 as

detailed !elow(

2l!

No

!

;an= Name Account No! Amount =ept

in an=

Interest

earne&

Remar=s1

purpose

1 8I 2331323 2,4,3,02 40,0>,3 7ees

2 8I 2331301 13,0,>2 23,420 N"

8I %44%>> 1,2,34,04 Nil '#ened on

23.0.14

2utotal $,75,7:,88 ",$0,$5

4 I&8I, 8I =

DiEaya !an;

undry a9c 2,%4,>3,2%> 3,1>,4J 7i?ed &e#osit

4ran& Total $:,90,85,":: ,00,"8,99

(* Detailed in Annexure- I)

7ollowing o!ser6ations ha6e !een made in this regard(

1. As it can !e seen from the a!o6e ta!le that total !an; interest earned !y the

Institute as on 1stMarch 2014 was +s. 1,00,4>,%%1. 0

which resulted in o6erstatement of +s. 3,24 +s. 3,2%,3>0 +s. 3,1>,45.

. It can !e seen from the a!o6e ta!le that an amount of +s. 4,0,1was earned as

!an; interest from two sa6ing accounts !y ;ee#ing +s. ,3,3,1>> which was

collected as N" or 7ee during 20114.

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1. As #er +ule 1 of +ecei#t and "ayment +ule, the *ash!oo; should !e closed

regularly and com#letely chec;ed. The

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1 %

%

2%.0.2014 2,>>% 0,000 %11 0,000

Total #8,95,557 $9,75,900 7,#0," $9,75,900

It is e6ident that the !alance amount of +s. 3,20,141 +s. %,3,%00 +s. 2>,%,35, ifrefunded, should !e entered as recei#t in the +ecei#t side of the *ash!oo;.

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crutiny of Annual Accounts for 20121 = 20114 of the National Institute of Technology

NIT5, Mizoram re6ealed that an amount of +s. 41,33,343 was collected as contri!utions !oth

from Institute and em#loyees since ince#tionAugust 20115 to March 2014 as detailed !elow(

-ear Institute contriution(in Rs!)

/mployeecontriution (in Rs!)

Total contriution(in Rs!)

201112 ,30,1

20121 12,1,2 12,1,2

20114 3,,4 1,42,13 2,3,2

Total 7,5$,":: #8,55,8## ",77,7"7

7ollowing o!ser6ations ha6e !een made in this regard(

1. All N" deductions as mentioned a!o6e were not remitted to trustee !an; and *7s

u!scri!er *ontri!ution 7iles5 could not !e u#loaded with N"*AN till the end ofMarch 2014 des#ite reminder !y the Ministry of

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%. As #er "ara 2.24 of Ta?manns Accounting ,01,>0% and 7i?ed &e#osits+s.%,0,00,0005 at the !eginning of the 7inancial Cear 20114. 7urther, the &irector,

National Institute of Technology, Mizoram su!mitted to the M

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Asstt! Au&it *fficer 2r! Au&it *fficer 1 *!A! (?) D!A!4!

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