Government Arts College, Bayad
Financial Audit
At Government Arts College, Bayad, transparency, accountability, and prudent financial management are core values that guide our administrative and academic operations. In line with these values, our institution undergoes regular financial audits to ensure the proper utilization of resources and compliance with government regulations.
Objectives of Financial Audit
- Ensuring Financial Accountability: Confirm that funds are utilized effectively and appropriately, in accordance with government norms and institutional goals.
- Maintaining Transparency: Uphold integrity of financial operations through open budgeting and expenditure reporting.
- Compliance with Regulatory Bodies: Adhere to the Department of Higher Education, Government of Gujarat, and other bodies.
- Internal Financial Health Monitoring: Evaluate internal financial controls and suggest improvements.
Audit Process
- Preparation and Planning: Gathering financial documents, vouchers, and ledgers.
- Internal Audit: Periodic reviews by internal committee and prompt corrections.
- External Audit: Annual audits by government-appointed auditors or CAs.
- Audit Reporting: Creation and submission of audit reports to authorities.
- Compliance and Follow-up: Execution of corrective actions and monitoring.
Recent Audit Reports
| Academic Year | Audit Type | Status | Remarks |
|---|---|---|---|
| 2022–2023 | External Audit | Completed | No major discrepancies found |
| 2021–2022 | Internal Audit | Completed | Timely rectifications made |
| 2020–2021 | External Audit | Completed | Report submitted to CoHE |
Commitment to Ethical Financial Practices
Government Arts College, Bayad remains committed to upholding the highest standards of financial ethics and discipline. Our goal is to ensure that every rupee spent contributes meaningfully to the academic growth and infrastructural development of the college.