Para 2.4.10 — MSO

Audit of accounts of furniture in residences of High Officials

Physical verification of stocks 2.4.10 It is an important function of Audit to ascertain that stores materials are counted periodically and otherwise examined to verify the accuracy of the quantity balances reflected in the books. Audit shall not, except when specifically authorised to do so, assume responsibility for physical verification of stores; it, however, has the right to investigate stores balances and highlight discrepancies. Audit has to see that

(a) a certificate of verification of stores is recorded periodically by a responsible authority;

(b) the system adopted by the executive for verification is adequate and proper;

(c) discrepancies found on stock verification are properly investigated and reconciled; and

(d) the staff responsible for stock verification are, wherever possible, independent of those responsible for the physical custody of stores or for maintaining the accounts. It should also be seen that stock verifiers work, wherever practicable, directly under the control of the Government and not under the heads of the individual departments concerned.