Para 12.68 — MSO

12.68 A review of the Provident Fund Accounts should be conducted after the despatch of the annual account in three batches so as to complete it in a cycle of three years. The scope of the review should be as follows:-

(i) to see that there are no cases of omission to open ledger accounts or cases where double accounts have been opened for the same subscriber; for this purpose, a census of the ledger cards (where Fund Accounts are maintained by machine posting) should be taken and agreed with the number of subscribers to the fund, including subscribers who have discontinued their subscriptions;

(ii) to check in detail one month's credits in the ledger accounts of each department with reference to the schedules, the selection of the month for each department being made by the officer in charge of Internal Audit Section;

(iii) to examine generally the credits for the remaining 11 months appearing in the ledger accounts and to see that the reasons for non-recovery or irregular recovery (short or excess) of advances and subscriptions are properly recorded therein;

(iv) To check the debit postings of the whole year with reference to vouchers;

While exercising this check it should inter alia be seen whether debits on account of withdrawals for financing life insurance policies have been regularly received in the relevant ledger accounts from year to year.

(v) to see that the balances are correctly carried forward. In conducting the review it should be seen that:-

(a) the instruction in paragraph 12.32 are observed.

(b) the accounts of subscribers who have ceased to be in service have been promptly closed and refunds authorised.

(c) there has been no omission to issue supplementary refund orders in case where credits have been undisbursed.

(d) there has been no omission to transfer the balances of the subscribers who have quitted service to "Unclaimed Deposits" in March Final Accounts under the rules of the Fund.