Section 26 of The Academy of Scientific and Innovative Research Act, 2011 in hindi
- (1)The Academy shall maintain proper and separate accounts giving therein the details of all receipts in, and, expenditure from, such fund and other relevant particulars.
- (2)The accounts referred to in sub-section (1) shall be prepared and got audited before the expiry of six months from the end of each financial year.
- (3)The Academy shall submit to the Board and the Council of Scientific and Industrial Research, the accounts referred to in sub-section (1) duly audited under section 27 and signed by the Director, Associate Director in charge of Finance and Associate Director in charge of Administration.
- (4)The Council of Scientific and Industrial Research referred to in sub-section (3), the Board and any other person appointed by them in connection with the audit of the accounts of the Academy shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Academy.
Summary
- The Academy must keep clear and separate accounts showing all money coming in and going out.
- These accounts must be prepared and audited before six months expire from the end of the financial year.
- The final audited accounts must be signed by the Director, the Associate Director in charge of Finance, and the Associate Director in charge of Administration.
- The signed accounts are then submitted to the Board and the Council of Scientific and Industrial Research.
- The Board, the Council of Scientific and Industrial Research, or their appointed auditors have the right to inspect all financial records, vouchers, and offices.
Practical examples
FAQ
1. How long does the Academy have to audit its accounts after the year ends?
The accounts must be prepared and audited before the expiry of six months from the end of each financial year.
2. Who needs to sign the audited financial accounts?
The accounts must be signed by three people (the Director, the Associate Director in charge of Finance, and the Associate Director in charge of Administration).
3. Can anyone demand to see the financial papers of the Academy?
The Board, the Council of Scientific and Industrial Research, or auditors they appoint have the right to demand books, vouchers, and inspect the offices.
Test yourself
Q1.Under Section 26 of The Academy of Scientific and Innovative Research Act, 2011, the Academy must submit its audited accounts to the Board. Based on the cross-reference to Section 27, who performs this required audit?
Q2.Under Section 26 of The Academy of Scientific and Innovative Research Act, 2011, what is the deadline for preparing and auditing the accounts?
Q3.Under Section 26 of The Academy of Scientific and Innovative Research Act, 2011, which of the following officials is NOT required to sign the audited accounts?
Q4.Under Section 26 of The Academy of Scientific and Innovative Research Act, 2011, what right do appointed auditors have during their review?