Para 3.13.26 — MSO (Audit)
Original Rule Text
3.13.26 The work done in the Public Debt offices is subjected to test audit by the Accountant General (Audit) concerned, who is to assume that the principal sum mentioned in the interest voucher is the correct amount on which is interest is due and that interest has not already been paid for the half year claimed in the voucher. However, in all other respects, and especially in respect of the correctness of the calculation of the interest and income tax and the casting of totals, the vouchers are subject to regular examination in audit. The Accountant General (A&E) forwards the vouchers to the Public Debt office on completion of their audit by the Accountant General (Audit).
What This Means
The Accountant General (Audit) conducts test audit of the Public Debt office's work. For this purpose, the AG assumes the principal amount on the voucher is correct and that interest has not already been paid for that half-year. However, the AG fully audits all other aspects -- especially the correctness of interest and income tax calculations and arithmetic totals. After audit, the AG (A&E) forwards the vouchers to the Public Debt office.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1AG (Audit) conducts test audit of Public Debt office operations
- 2AG assumes the principal sum and non-duplication of payment have been verified by the Public Debt office
- 3AG fully audits interest calculations, income tax deductions, and arithmetic totals
- 4After audit completion, AG (A&E) forwards vouchers to the Public Debt office
Practical Example
The AG (Audit) selects a sample of 200 interest vouchers from a total of 5,000 processed by the Public Debt office during the half-year. For each sampled voucher, the AG does not re-verify the bond face value (assumed correct per Public Debt office checks) but independently recalculates the interest amount, checks that income tax was correctly deducted at the applicable rate, and verifies that all column totals are arithmetically correct. Discrepancies are raised with the Public Debt office.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What is test audit?▼
Why does the AG assume the principal amount is correct?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.