Institution conducts internal and external financial audits regularly
Enumerate the various internal and external financial audits carried out during the year with the mechanism for settling audit objections
Institute of Engineering & Management has an effective mechanism for Internal and External Audits. The accounts department of the Institute are audited by Chartered Accountants regularly as per the Government rules. Whenever there are additional expenses over and above the budget proposals, special sanction is to be taken from the approval authority of the management. The Accounting and Auditing Committee looks after the internal audit and it is presented to the certified Chartered Accountant.
The Institute has a finance committee and appointed a qualified Auditor and also forms a team of staff under them to do a methodical verification on a periodic basis. The purpose of internal audit is to provide an objective source of information to the management with a view to the efficient conduct of activities of the institute, safeguarding assets, preventing and detecting fraud and other unlawful acts, completeness & accuracy of financial records, and timely preparation of financial statements. Internal Audit is done by checking each bill and vouchers, books/laboratory equipment, and other materials are purchased at the least price taking proper quotations collected from the parties.
The external auditor is appointed by the college to perform audits of the financial statements of the Institute. The financial records are audited by qualified chartered accountants at the end of each financial year. The financial records are certified i.e., income and expenditures, balance sheet, and notes on accounts. The institution publishes audited financial statements on the institution’s website ast information for the concerned people.
Funds / Grants received from non-government bodies, individuals, philanthropists during the year (not covered in Criterion III)
188.8.131.52: Total Grants received from non-government bodies, individuals, Philanthropists during the year (INR in Lakhs)
Data requirement for the year (As per Data Template)
Details of Funds / Grants received from of the non-government bodies, individuals, Philanthropy during the year (Data Template)
The link for the excel sheet is given below:
The link for the grant letters:
Institutional strategies for mobilization of funds and the optimal utilization of resources
Institute of Engineering & Management mobilizes its funds received mainly from students as fees. Apart from students’ fees the sources of income are:
Funds generated from above are principally used for the maintenance and development of the institute. The trust body of the institute provides space on a lease basis to facilitate: various commercial utility services to the students, faculty members, and officials of the institute such as IDBI Bank, Punjab National Bank, and Indian Overseas Bank.
Optimal utilization of resources:
The main motto of resource mobilization and utilization of resources is to put the Institute of Engineering & Management on standard with a view to achieving the best quality teaching and unique quality of students.