Section 27 of The Academy of Scientific and Innovative Research Act, 2011 in hindi
- (1)The accounts of the Academy shall, without prejudice to the provisions contained in the Comptroller and Auditor-Generals (Duties, Powers and Conditions of Service) Act, 1971 (56 of 1971), be audited by auditors who may be appointed by the Board for the term of one year and such auditors shall be eligible for re-appointment.
- (2)No person shall be eligible to be appointed as an auditor under sub-section (1) unless he is a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949), and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act.
- (3)The accounts of the Academy shall, after the completion of the audit under sub-section (1) and submission thereof to the Board and the Council of Scientific and Industrial Research be published on the website of the Academy.
Summary
- The Academy accounts must be audited by auditors appointed by the Board.
- These auditors are appointed for a one-year term and are eligible to be re-appointed.
- The auditor must be a qualified chartered accountant holding a valid certificate of practice according to the Chartered Accountants Act of 1949.
- This audit process does not limit the auditing powers of the Comptroller and Auditor-General of India.
- Once the audit is finished and submitted to the Board and the Council of Scientific and Industrial Research, the accounts must be published on the Academy website.
Practical examples
FAQ
1. Who is allowed to audit the financial records of the Academy?
The auditor must be a chartered accountant with a certificate of practice, appointed by the Board.
2. How long does an auditor serve?
An auditor is appointed for a term of one year, but they are eligible to be re-appointed.
3. Are the financial records of the Academy kept secret?
No, after the audit is complete and submitted, the accounts must be published on the website of the Academy.
Test yourself
Q1.Under Section 27 of The Academy of Scientific and Innovative Research Act, 2011, the auditor must meet criteria defined in two specific sections of the Chartered Accountants Act, 1949. What are these requirements?
Q2.Under Section 27 of The Academy of Scientific and Innovative Research Act, 2011, what must happen to the accounts after the audit is completed and submitted?
Q3.Under Section 27 of The Academy of Scientific and Innovative Research Act, 2011, how long is the initial term for an auditor appointed by the Board?
Q4.Under Section 27 of The Academy of Scientific and Innovative Research Act, 2011, what is the policy on re-appointing an auditor after their term ends?