The Audit of Educational Intuitions, sometimes referred to as Audit of Books in the education industry, is a process of systematic evaluation and documentation of financial statements, taxes, expenditures, and incomes, obtained by the educational organizations such as schools, colleges and universities from Registration & Academic Fee, Payment Transactions, Fines & Penalties, Funds & Donations, Hostel Accommodation, Assets & Investments, Grants from Government or other local bodies, and via other sources.
The Internal Audit is an internal process performed by the auditors and accountants, working as employees inside the organization, to evaluate and record institution's annual reports on financial income cumulated via various sources, and expenditures spent on pays of employees as salaries, taxes, Statuary Compliances i.e. PF, Income Tax, etc., maintenance, and many more. Conducting this type of auditing simplifies the preparation of audit procedures at the planning stages; provides foresight of risk factors; improves internal procedures, administrative operations, risk control & management, and governance whilst ensuring quality assurance in higher education.
The External Audit is a process of examining accounts and financial records of an institution performed by an outside professional auditing organization. The law mandates and regulates every private, public, non-profit, Section 8, charitable trust, and other types of educational institutions to undergo External Audit.
The traditional method of cataloging, calculating, evaluating, and examining the audits on papers and Excel Sheets is difficult, time-consuming, and laborious. Utilising ERP Management Software for Educational Institutions simplifies, digitises, and automates the complex administrative and accounting process such as, recording and calculating incomes, expenditures, worker salaries, penalties and fines for late submissions in library; managing of admission and tuition fees; recording fee payments and transactions; generating fee receipts; and many more.* Sign Up for Educational Institution Management Software *