Section 20 in The Mizoram Aided College Employees Rules, 1990
20. Maintenance of accounts.
(1)The Principal and the Accountant-cum-Cashier shall be responsible for the keeping of up to date accounts of all the financial transactions of the college on the respective heads of the annual budget and also for the keeping of the college cash book in which all the financial transactions combining the different heads of accounts shall be entered up to date.(2)The Accountant-cum-Cashier shall be responsible for the handling of cash of the college.(3)The college funds shall normally be deposited in a nationalised or a Scheduled Bank in Mizoram to the accounts of the college.(4)The College Bank account shall be jointly operated by the Principal and the Treasurer.(5)The Treasurer shall be kept informed of the financial position of the college in details.(6)While presenting any cheque for the Treasurer's signature the Principal shall attach an official letter describing the specific item of expenditure against that cheque, without which, the Treasurer may refuse to endorse the cheque.(7)The amount withdrawn from the Bank(s) shall not exceed the amount proposed to be spent against the withdrawal except for an impressed money the amount of which shall not exceed Rs. 500 at any time.(8)The Governing Body shall appoint Annual Internal Auditors to have the college accounts audited for the period ending 31st December before the end of February of the following year. However, the accounts of the college may be subject to audit/inspection at intervals by the Audit Wing of the Directorate of Accounts and Treasurers and Examiner of Local Accounts of the Government of Mizoram or the Government Undertaking audit/inspection of the accounts of all such aided/non-Government colleges.(9)The Annual Internal Auditors shall-(a)examine all the account registers, pass books, stock register and all papers/documents relating to the financial matters of the college ; and(b)conduct physical verification of cash and all items of college property; and(c)submit audit reports in detail to the Governing Body before the end of March, clarifying whether there has been any instance of incomplete or wrong entry into the accounts ; instance of spending any amount of the college funds for the purpose for which it has not been sanctioned or granted ; instances of entries and cash and/or actual balance not being in tally.(10)The case of any audit objection, if any, shall be taken up by the Director and the Governing Body as a very serious matter. It will be, however, given an opportunity to the responsible officer to settle the objection or objections, if any. If the responsible officer does not settle the audit objection till the date of the Governing Body sitting to consider the Annual Budget for the next year the Governing Body or the Director may take any appropriate action upon the officer or officers concerned.
