Para 3.13.28 — MSO

B. Interest on loans from autonomous bodies 3.13.28 During audit of interest vouchers relating to borrowings from institutions like the Life Insurance Corporation of India, National Cooperative Development Corporation and other financial institutions, it should be seen that the payments are covered by sanctions accorded by a competent authority. The correctness of the amounts sanctioned should be verified during local audit of the records in the office of the authority responsible for maintaining the detailed accounts of the loan.

Audit of Remittance Transactions