Para 3.14.6 — MSO (Audit)
Original Rule Text
3.14.6 Audit should ascertain whether proper enquiries have been instituted in respect of all remittances remaining unadjusted for unduly long periods with a view to ensuring early settlement of the outstanding items.
- Audit of Reserve Bank of India Remittances
What This Means
Audit must check whether proper enquiries have been started for all remittances that have remained unadjusted for an unreasonably long time. The goal is to ensure that outstanding items are settled promptly and not allowed to accumulate indefinitely.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Audit must verify that enquiries are initiated for long-pending unadjusted remittances
- 2The focus is on ensuring timely settlement of outstanding items
- 3Prolonged unadjusted remittances indicate potential errors or systemic issues
- 4Prompt action is required from responsible officers
Practical Example
During audit, the AG finds that 47 remittance entries totalling Rs 3.2 crore have been unadjusted for over 12 months. The auditor checks whether the AG (A&E) office has written to the relevant treasuries and departments seeking explanations and pressing for clearance. If no enquiries have been initiated, this is raised as an audit observation, urging immediate investigation into why these remittances remain uncleared.
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 considered an 'unduly long period' for unadjusted remittances?▼
What could cause remittances to remain unadjusted for long periods?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.