Para 3.11.13 — MSO (Audit)
Original Rule Text
3.11.13 The audit of other deposit accounts which are governed by special rules and directions issued by Government for the receipt and repayment of the deposits (e.g. deposits for work done for public bodies or individuals, deposits of government companies, corporations, etc) should be conducted with reference to those rules and directions.
# Local Audit
What This Means
Certain deposit accounts are governed by special rules issued by the Government for specific purposes, such as deposits for work done for public bodies or individuals, or deposits of government companies and corporations. The audit of these accounts must be conducted with reference to those specific rules and directions, not the general deposit rules.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Some deposit accounts have special government-issued rules and directions
- 2Examples include deposits for work done for public bodies and deposits of government companies
- 3Audit must follow the specific rules governing each such deposit type
- 4General deposit audit rules do not override these special provisions
Practical Example
A Public Works Department maintains a deposit account for work done on behalf of a municipal corporation. The audit team references the specific government rules governing such deposits-for-work-done accounts rather than the general deposit audit rules, checking that deposits were received before work commenced and withdrawals matched the certified expenditure.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Do general deposit audit rules apply to government company deposits?▼
What are examples of deposit accounts governed by special rules?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.