Regulation 119 — Audit Regulations 2020
Original Rule Text
# 119. Model forms of accounts and budget
The model forms in which the accounts of Panchayati Raj institutions and urban local bodies may be kept and the forms in which their budgets may be prepared and presented, have been prescribed by the Comptroller and Auditor General.
Regulations on Audit and Accounts 2020 63
What This Means
The CAG has prescribed model forms for how Panchayati Raj institutions and urban local bodies should maintain their accounts and prepare their budgets. These standardized formats ensure uniformity across local bodies and make the accounts auditable and comparable.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1CAG prescribes model account forms for PRIs and ULBs
- 2Also prescribes model budget formats for local bodies
- 3Ensures uniformity and comparability across thousands of local bodies
- 4Model forms make accounts systematic and auditable
- 5This is part of the CAG's accounting advisory role for local governance
Practical Example
A newly constituted gram panchayat in Chhattisgarh needs to set up its accounting system. The panchayat secretary refers to the model account forms prescribed by the CAG, which specify how to record receipts, payments, assets, and liabilities. The budget is prepared using the CAG's model budget format, ensuring it matches the account heads and can be audited against actual expenditure.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Are these model forms mandatory for all local bodies?▼
Do urban local bodies and panchayats use the same forms?▼
Where can these model forms be found?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.