In term ofsection 18 (iv) of the Memorandum of Association of the Maharishi Markandeshwar (Deemed to be University),Mullana- Ambala “The Annual Financial statements and accounts shall be audited by a qualified professional, being a Member or Fellow of the Institute of Chartered Accountants of India, to be appointed by the Institution Deemed to be University.” In order to complywith the provision of the MOA of the Institution Deemed to be University.

The Maharishi Markandeshwar (Deemed to be University) has established Audit Cell in the Accounts Department of this Deemed to be University. The Audit Cell has been divided into two sections namely INTERNAL AUDIT and EXTERNAL AUDIT. The purpose of this Audit Cell is to conduct regular Audit of all the financial transactions of all receipts and payments pertaining to MM(DU) and its constituent institutions to establish accuracy and genuiness of all monetary transactions. The Internal Audit shall be conducted by the Internal Auditors on the rolls of the MM(DU).The Board of Management has appointed outside agency of Chartered Accountants to conduct the Post Audit of the Annual Financial Statements prepared by the Internal Audit Cell of this Deemed to be University and verification of all statutory commitments and compliance of the same carried out taking into consideration the reports of the Internal Audit and issue Audit Certificate on the Annual Accounts of the MM(DU) and its constituent Institutes.

THE SCOPE OF AUDIT

The Institution Deemed to be University has a mechanism for Internal and External Audit having its own Internal Audit cell.The Internal Audit iscarried out regularly by Internal Auditors on the rolls of this Deemed to be University to check thoroughly financial transactions made in various segmentsof this Deemed to be University, on day-to-day basis. The External Audit is conducted by an Audit company of Chartered Accountants appointed by the Board of Management on the recommendations of the Finance Committee of this Deemed to be University. The role of Internal Audit is to provide professional advice at all the levels to the Management and assist this Deemed to be University in continuously improving the efficiency and effectiveness of the operations. The Internal Audit Cell submits its report to the Management through its Section Incharge. The Audit Section has strength of technical and qualified accounts personnels possessing the qualifications of Chartered Accountants and Centre/State Accounts services qualified personnel having vast experience in the field of Government and Industry. The Audit Report issued by the statutory External Auditors is placed before the Finance Committee for final consideration and approval of the Board of Management of this Deemed to be University.

DUTIES AND RESPOSIBLITIES OF INTERNAL AUDIT CELL

1. To conduct Pre-Audit of all the purchases made by the purchase department.
2. To render advice on matters involving financial implications and expenditure to prevent commission of any financial irregularity.
3. Scrutiny of all departmental schemes generally and proposals for fresh expenditure in particular from the point of view of financial accounts.
4. Scrutinizing the proposals for grant of Administration/Financial approval of the project accounts and accounts of other schemes sponsored by Government of India/State Government and Other Government/Semi-Government funding agencies and issue of Audit Certificate.
5. Audit of all revenue receipts of this Deemed to be University and its constituent institutes.
6. To conduct audit of Employees Provident Fund Scheme accounts and ESI accounts and also other welfare schemes introduced by the MM(DU).
7. To conduct physical verification of stores and departmental labs.
8. To conduct Performance Audit of all the schemes.
9. To present all the Papers of financial transactions of the MM(DU) and its constituentInstitutes to the Chartered Accountants appointed by the Board of Management of the MM(DU) for the proper scrutiny and report.

DUTIES AND RESPOSIBLITIES OF EXTERNAL AUDIT CELL

The Board of Management in order to satisfy itself about the correctness of the accounts and view a true picture of the financial position of the Institute has established independent separate External Audit Cell for post audit of the Annual Financial Statements of accounts prepared by the accounts personnelof the MM(DU. For this propose, the Board of Management on the recommendations of the Finance Committee of the MM(DU)has appointed M/s Rajiv Goel and Associates, Chartered Accountants, 179, Bank Road, Ambala Cantt as auditor to conduct the Post Audit of the Accounts maintained by the MM(DU) and on the basis of these books of accounts to prepare the Annual Audit Report of each year. The Audit Report in Form No. 10B under section 12A (b) of the Income Tax Act 1961 prepared by this company is submitted to the MM(DU), which is further placed before the Finance Committee/Board of Management for its consideration  approval.