A.Paul & Co. Chartered Accountants AJIT PAUL B.Com, F.C.A Phone:2225630 To, The State Project Director, Mizoram Rashtriya Madhyamik Shikska Abhiyan, Aizawl, Mizoram. Sub: Management letter - Audit for the year 2014-2015. Dear Sir, We have completed the audit of accounts of Mizoram Rashtriya Madhyamik Shikska Abhiyan (RMSA) for the financial year 2014-15 and have checked and verified the records at State Project Office (SPO) and all the eight Districts of Mizoram. In this context. we would like to place before you, the following District wise and SPO level observations, comments and suggestions in addition to those appearing in our audit report of even date for your kind perusal and taking necessary action: 1. Aizawl District: We have audited Aizawl District and following is the details of work carried out by us: a) District Audit: We have audited the district with respect to its Cash Book, Ledger, Bank Reconciliation Statement and have found the same to be correct. Salary Payment Register was not maintained. Besides vouchers for various payments were not in proper form. We have checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. b) SMDCs Audit: We have audited 77 SMDCs under audit and most SM)Cs have kept their accounts as per RMSA Financial Manual so far as Cash Book, Ledger etc. were concerned. However, maintenance of books of account need improvements. In many cases vouchers were either missing or not in proper form. Police Bazar. Shillong-793001 A.Paul & Co. Chartered Accountants AJIT PAUL B.Com, F.C.A Phone:2225630 various payments were not in proper form. We have checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. b) SMDCs Audit: We have audited 30 SMDCs and most SMDCs have kept their accounts as per RMSA Financial Manual so far as Cash Book etc. were concerned. However. maintenance of books of account need improxements. In many cases vouchers were either missing or not in proper form. 7. Saiha District: We have audited Saiha District and following is the details of work carried out by us: a) District Audit: We have audited the district with respect to its Cash Book and Ledger and have found the same to be correct. However, vouchers for various payments were not in proper form. We have checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. Bank Reconciliation Statement has not been prepared. b) SMvDCs Audit: We have audited 14 SMDCs account and most SMDCs have kept their accounts as per RMSA Financial Manual so far as Cash Book etc. were concerned. However, maintenance of books of account need improvements. In many cases vouchers were either missing or not in proper form. 8. Serchhip District: We have audited Serchbip District and following is the details of work carried out by us: a) District Audit: We have audited the district with respect to its Cash Book, Ledger, Bank Reconciliation Statement and have found the same to be correct. Salary Payment Register was not updated since October, 2014. Besides some of the vouchers were not in proper form. We have checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. V MIZORAM RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA) Name of the SIS: MEMS (RMSA) Consolidated Balance Sheet as on 31.03.2015 Amount Amount Amount Amount LAIITIES Sche- AmoctAmun LIABIL dule Current Previous ASSETS dule Current Previous Year Year Year Year Capital Fund Fixed Assets: Opening Balance 1.248.355,176 1,060,232,066 Civil Works Unadjusted Advances i) Opening Balance 818,590,788 846,524.524 Funds Received From Govt of India: i) Addition during the year 220,612,026 172,066,284 a) RMSA 242,167,000 394,521,000 Furniture 525,436 525,436 Vehicle - Equipment 1,005,462 1,005,462 Funds Received From State Govt: Current Assets Loan to IEDSS 14,469,910 a) RMSA 6,410,000 71,663,000 Advance outstanding a) Civil Works - 3,147,597 Others: b) Others Balance at Districts: Closing Balance at Districts a) RMSA a) Cash in Hand 273,285 148,146 Less : Excess of Expenditure over b) Cash at Bank 171,033,490 207830 331 Income 266,784,725 279,052,327 Closing Balance at SPO Advances repayable _ a) Cash in Hand 147,858 180,839 Prior period adjustment 112.439 b) Cash at Bank 16.568,298 202,456,669 Current Liabilities c) Unadjusted Advances 1 390 810 As per last account 879,000 TOTAL RUPEES 1,230,147,453 1,248,365,178 TOTAL RUPEES 1,230,147,463 .,,178 In terms of our report of even date. For A. Paul & Co. State Project Director Chartered Accountants Rashtriya Nadhyamik Shiksha Abhiyav FRN 312060E Mizoram Sate roject Director Raoshtriya M iadhaiik Sisa Aia Mizoram Education Mission Society IT PAUL). Ntirurai,Aizmat MN.:050527 the 28th of Dec, 2015. A.Paul & Co. Chartered Accountants AJIT PAUL B.Com, F.C.A Phone:2225630 AUDITORS' CERTIFICATE This is to certify that we have gone through the procurement procedure used in Mizoram Rashtriya Madhyamik Shikska Abhiya (RMSA) and based on the audit of the records for the year 2014 - 15 and inputs from the aistricts audit reports, we are satisfied that the procurement procedure prescribed in the Manual on Financial Management and procurement under RMSA have been followed and no deviations were observed. SI. No. Deviations Details Amount involved (declared as mis-procurement) 1. N.A. Nil Nil For A.Paul & Co. Chartered Accountants Firm Registration Number: 312060E W A~IT PAUL) , Dated Aizawl, P oprietor the 28th December,2015. Membership No.: 050527 Police Bazar, Shillong-793001 A.Paul & Co. Chartered Accountants AJIT PAUL B.Com, F.C.A Phone:2225630 b) In the case of the Consolidated Income & Expenditure Account, of the deficit for the year ended on that date. and c) In the case of the Consolidated Receipts and Payments Account, of the receipts and payments for the year on that date. For A. Paul & Co. Chartered Accountants Firm Registration Number: 312060E (4JIT PAUL Dated Aizawl, Proprietor the 28"h December, 2015. Membership No.: 050527 Police Bazar. Shillong-793001 A.Paul & Co. Chartered Accountants AJIT PAUL B.Con, F.C.A Phone:2225630 b) SMDCs Audit: We have audited 20 SMDCs during the financial year under audit and most SM)Cs have kept their accounts as per RMSA Financial Manual so far as Cash Book etc. were concerned . However. maintenance of books of account need improvements. In many cases vouchers were either missing or not in proper form. State Project Office: The following suggestions arc felt needed for SPO: a) We have audited the SPO Office with respect to its Cash Book, Ledger, Journal, Vouchers etc. and have found the same to be correct. We have also checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. b) Cash in hand should be physically verified by authorized ofticials at regular intervals. c) The system of Internal Audit should be introduced. d) Stock/Stores Registers are to be updated and verified on a regular basis. e) Physical verification of fixcd assets should be conducted periodically. f) Book Keeping may be computerized. For A. Paul & Co. Chartered Accountants Firm Registration Number: 312060E (AJIT PAUL Dated Aizawl, Proprietor the 285 December, 2015. Membership No.: 050527 Police Razar, Shillong-793001 UTILIZATION CERTIFICATE (Recurring) FOR THE YEAR ENDING 31.3.2015 Name of the scheme RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA), MIZORAM (Rs.) SI. Central Share State Share TOTAL No. 1 Opening balance at the beginning of the inancial year (as on 1 4.2014) 22,473,401.00 2 Details of funds received during the year 2 1 No F 14-15/2014-RMSA-ll(ST) of 6th June 2014 46,137,000.00 46,137,000.00 No.F 14-1012014-RMSA-IlI(GEN) of 15th July 2.2 2014 104,998,000 00 104,998,000.00 F No. 14-10/2014-RMSA 1l (GEN) of 20th March 2 3 2015 80.499,000 00 80,499,000.00 No 24017/4/2011-SED(R)Pt of 27th February 2.4 2015 6,410,000.00 6,410,000.00 3 Total fund received 231,634,000.00 6,410,000.00 238,044,000.00 4 Interest 10,485,480.00 5 Other Receipts (IEDSS Loan Recovery) 14,469,910.00 6 Total fund available (SI. 1+3+4) 285,472,791.00 7 Expenditure (grants in aid general) 277,270,205.00 8 Unspent Balance 8,202,86.00 1 Certified that out of Rs.23.16,34,000/- (Rupoes twenty three crore sixteen lakh twenty thirty four thousand only) of grant-in-aid sanctioned during the year 2014-15 itt favour of Mizoram vide Ministry of Human Resources Development, Department of School Education & Literacy letter Nos. as indicated above and Rs 64,10,000/- (Rupees sixty four lakh ten thousand only) received as State share from the State Government vide letter Nos. as indicated above and Rs. 1,04,85,480/- (Rupees one crore four lakh eighty five thousand four hundred eighty only) on account of interest earned and Rs. 1,44,69,910/- (Rupees one crore forty four lakh sixty nine thousand nine hundred ten only) other receipts during the penod 2014-15 and Rs. 2,24,73,401/- (Rupees two crore twenty four lakh sevebty three thousand four hundred one only) on account of unspent balance of the previous year a sum of Rs. 27,72,70,205/- (Rupees twenty seven crore seventy two /akh seventy thousand two hundred five only) has been utilized for the purpose for which it was sanctioned and the balance of Rs. 82,02.586/- (Rupees eighty two lalch two thousand five hundred eighty six only) remains unutilized at the end of the year. 2 Certified that I have satisfied myself that the conditions on which the grants-in-aid was sanctioned have been fully fulfilled and that I have exercised the following checks to see that the money was actually utilised for the purpose for which it was sanctioned. 1) Kinds of checks exercised, i) Audited Statement of Account (Copy enclosed) it) Utilisation received from executing units, records during sample visit. iii) Progress Report The 28th day of Dec. 2015 Signature with rubber-stamp SPD Mizoram RMSA State Project Director, AUDITOR'S CERTIFICATE RashtriyaMadhlynmikShikshaAbblyan We have venfied the above statement with the books and records produced b same has been drawn in accordance therewith. Miiram1,AIawl For A. Paul & Co. Chartered Accountants \ FRN..3120qOE VJiT PAUL) roprietor MN.: 050541 The 28th day of Dec. 2015 MIZORAM RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA) Name of the SIS: MEMS (RMSA): Consolidated Income & Expenditure Account for the year ended 31.03.2015 EXEDTR ceCAmount Amount ICMSce Amount Amount EXPENDITURE Sche Cu nua .Peo a INCOME Sche C ua r a Current Year PrevlousYear Current Year Previous Year Grant-in-aid (general): Interest: Sala of Headmaster 25,678,754 25,920,000 a) RMSA 10,485,480 14,817,871 Teacher Salary 144,314,425 144,441,433 Miscellaneous receipts 42.710 Laboratory Attendants Salary for New School 14,580,000 14.575.644 Laboratory Attendants Salary for Existing School 35,621.000 35.783,000 Other Income Clerks Salary for New School 14,259,955 14,415,000 School Grant 13,959.100 13.959,100 Excess of Expendilure over Self Defence Centre for Girl Child 840,000 4,224.300 income transferred to Capital Fund 266.784.725 293,522,237 In-Service Teachers Training 3,265,500 4,116,000 Training of SMDC Members/Community Training 1,462,620 1,458,000 Bookfair at Dist Level 730,000 Excursion Trip for Students 2,079,600 Special/Remedial Teaching 957,000 1,577,500 Guidance And Counseling Cell (SCERT) 1,299,600 1,298,400 MMER (R) 12,136,251 13,396,213 MMER (N-R) 1,256,455 Minor Repairs 4,975,000 State Level: 1) MMER( R) 2,801,000 3,913,000 2) MMER(N-R) 1,175,763 3) Miscellaneous Expenses a) ln-Service Headmasters Training 616,500 b Science Kits 6,165,000 c) Sports_____ 2,000,000 d) Maths Kits 942,000 e) Development of Modules . 600,000 ) IEDSS - 14,469,910 h) Professional Development Prog of State Resource 150,000 if Professional Development Prop. of Headmasters 240,000 TOTAL RUPEES 277,270,205 308,382,818 TOTAL RUPEES 277,270,205 308,382,818 in terms of our report of even date. For A. Paul & Co. State Project Director Chartered Accountants Rashtrra Madhyamil Shiksha Ahhiyan FRN:312060E Mizora-. State Project Director Rashtya Madyamak ShiikSisha Abh i Mizorameato Mizora Edcto lission Society the 28th of Dec, 2015. A.Paul & Co. Chartered Accountants AJIT PAUL B.Com, F.C.A Phone:2225630 4. Lawngtlai District: We have audited Lawngtlai District and following is the details of work carried out by us: a) District Audit: We have audited the District with respect to its Cash Rook, Ledger. Bank Reconciliation Statement and have found the same to be correct. However, vouchers for various payments were not in proper form. We have checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. b) SMDCs Audit: We have audited 25 SMDCs and most SNDCs have kept their accounts as per RMSA Financial Manual so far as Cash Book etc. were concerned . However. maintenance of books of account need improvements. In many cases % ouchers were either missing or not in proper form. 5. Lunglei District: We have audited Lunglei District and following is the details of work carried out by us: a) District Audit: We have ai.dited the district with respect to its Cash Book and Ledger and have found the same to be correct. However, vouchers for various pa3 ments were not in proper form. We have checked the Consolidated Annual Financial Statement which they have prepared and found the same to be correct. Bank Reconciliation Statement has not been prepared. There was a case of theft of Computers which needs to be followed tip. b) SMDCs Audit: We have audited 45 SMDCs and most SMDCs have kept their accounts as per RMSA Financial Manual so far as Cash Book, Ledger etc. were concemed. However. maintenance of books of account need improvements. In many cases vouchers were either missing or not in proper form. 6. Manit District: We have audited Manit District and following is the details of work carried out by us: a) District Audit: We have audited the district with respect to its Cash Book, Ledger. Bank Reconciliation Statement and have found the same to be correct. However, vouchers fbr Police Bazar, Shillong-793001 RASHTRIYA MADHYAMIK SHIKSHA ABHlYAN (RMSA), MIZORAM NOTES ON ACCOUNTS Significant Accounting Policies: 1. The Financial Statements are prepared in historical cost convention. 2. Fixed Assets are stated at cost. 3. No Depreciation is provided on fixed assets as per RMSA Manual. 4. Consumables are charged as and when purchased. For A. Paul & Co. State Project Director Chartered Accountants Rashtriya Madhyamik Shiksha Abhiyan FRN.:312060E Mizoram. State Poject Director; Rashtriya Maidhymiik Shiksha Abiyan Rashtriya Madhi usnikshrikshaAhhlyan Mizoram] Edtc-tios Mision Society Mi/oraliy,%AzaVI (AJiIT PAUL) Proprietor MN. :050527 The 28th of Dec, 2015 MIZORAM RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN Consolidated Annual Financial Statement State: Mizoram Year Ending: 31.3.2015 SOURCE & APPLICATION RMSA OpeninglBalance a) Cash in Hand 180,839 6)Cach at Bnk 202,456,669 c) Unadjusted Advances 211,126,074 TOTAL 413,763,582 a) Sorce (Rece It) b) Funds Received from Govt. of India 242,167,000 ) Funds Received from State Govt 5,410,000 d) Interests 10,485,480 o) Other Receipts iESS Loan Recovery) 14o469,910 TOTAL RECEIPTS 687,295,972 . f iApproved Expenditure Savings/ ,Application (Expenditure) AWP&B including fncurred Excess 1 Civil Work (inclding furniture and major reponr 401 795,297 220,612.026 181,183,271 2 Salary of Staff a) Salary of Headmaster 26,244,000 25,678,754 565,246 Teacher's salary 146,124,000 144,314,425 1,809,575 c) Salary of Lab Cum Library Attendants (New Schools) 14,590.000 14,580,000 - d) Salary of Lab, Cum Library Attendants (199 Existm schools) 35,820,000 3 C621,C00 199,000 e) Sala of Office clerk (Nev Schools) 14,580,000 14,259,955 320,045 3 Schooi Annual Grant 14,000,000 13,959,100 40,900 4) Minor Repairs 4,975,000 4,975,000 5) Teacher Trainieg a n-seve train % of head Masters for 5 days 3,504,000 3,265,500 238.500 n a-serle trainin of teachers for 5 days c Professional Development Program of State Resource persons 150,000 150,000 d) Professional Development Program of Headmasters 240,000 240,000 6) Guidance and Counselling Strengthening of Guidance and Counselling 1,299,600 1,299,600 7) Girls Oriented Activities Self Defense for Girls jGovt. 040,00 L121,qoo 8) SC/ST Oriented Activities SSpecial Teaching (Govt )957,000 95i.oo 9) Trainingof 5MDCmembers 12,000 0 10) Qalit inteenon Book Fair at Di,rict Level 800,000 T10,00 11) MMER (6 15.1,0 14,397,201 1, 12) Others TOTAL12,021,97 497,1231 13) Clatino Ralanco: a) Cash in hand47,5 b) Cash in Bank 16,58,29 ) Unadjusted Advances 1 8 TOTAL RUPEES in terms of our report of even date For A. Paul & Co. 5941e ProjeLt Director Chartered Accountants Rashtriya Madhyaik Shiksha Ahiyan FRN.:312060E i o . Rashtr'YtllfiyaNII ivaIIilcSNW].ta Ablyan 55 ,vN~ .~ Mizoratm Edu'tion~tt MissilnesSociety (AJIT PAUL) Proprietor Nr MN. 0505t~ the 21th of 1ec, 2015. UTILIZATION CERTIFICATE (Non-Recurrinci FOR THE YEAR ENDING 31.3.2015 Name of the scheme: RASHTRIYA MADHYAMIK SHIKSHA ABHIYAN (RMSA), MIZORAM (Rs.) SI. Central Share State Share TOTAL No. Opening balance at the beginning of the financial year (as on 1.4.2014) 391,290,181.00 2 Details of funds received during the year 2 1 No F 14-10/2014-RMSA-ll(SC) of 15th July 2014 10.533,000.00 10,533,000 00 3 Total fund received 10,533,000.00 - 10,533,000.00 4 Total fund available (SI. 1+3+4) 401,823,181.00 Expenditure (grants for creation of capital 5 assets) 220,612,026.00 6 Unspent Balance 11,211,155.00 1 Certified that out of Rs. 1,05,33,000/- (Rupees one ciore five lakh thirty three thousand only) of grant-in-aid for creation of capital assets sanctioned during the year 2014-15 in favour of Mizoram vide Ministry of Human Resources Development, Department of School Education & Literacy letter Nos. as indicated above and Rs. Nil (Rupees Nil only) received as State share from the State Govemnent vide letter Nos. as indicated above and Rs. Nil (Rupees Nil only) on account of interest earned and other receipts during the period 2014-15 and Rs. 39,12,90,181/- (Rupees thirty nine crore twelve lakh ninety thousand one hundred eighty one only) on account of unspent balance of the previous year; a sum of Rs 22,06, 12,026/- (Rupees twenty two crore six lakh twelve thousand twenty six only) has been utilized for the purpose for which it was sanctioned and the balance of Rs. 18. 12,11,155/- (Rupees eighteen crore twelve lakh eleven thousand one hundred fifty five only) remains unutilized at the end of the year 2 Certified that I have satisfied myself that the conditions on which the grants-in-aid was sanctioned have been fully fulfilled and that I have exercised the following checks to see that the money was actually utilised for the purpose for which it was sanctioned. 1 Kinds of checks exercised i) Audited Statement of Account (Copy enclosed) ii) Utilisation received from executing units, records during sample visit. iii) Progress Report The 28th day of Dec, 2015 Signature with rubber-stamp SPD Mizoram RMSA State Project Director, Rashtriya ilidhiyamiikShililshAbhivan AUDITOR'S CERTIFICATE Mizrram rducation IiSNion Society We have verified the above statement with the books and records produced before us for our ve11MfatPisdifund the same has been drawn in accordance therewith. For A. Paul & Co. Chartered Accountants FRN.:31206QE (AJiT PAUL) Proprietor I MN.:050527 The 28"' day of Dec, 2015 A.Paul & Co. Chartered Accountants AJIT PAUL B.Con, F.C.A Phone:2225630 f) Trial Balance at SMDCs level have not been produced before us. Steps should be initiated to bring the trial balances at SMDCs level in the consolidation process. g) Balance Sheet and Income & Expenditure Account should be prepared at all levels. h) Closing Stock of Books, Stationery and Consumables on hand have not been physically verified. i) As we are told retirement benefits are not applicable, no provisions for the same have been made. Subject to the above: i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. ii. In our opinion, necessary books of account as required by law have been kept so far as appears from our examinations of those books. iii. The Consolidated Balance Sheet and the Consolidated Income & Expenditure Account and the Consolidated Receipts and Payments Account dealt with by this report are in agreement with the books of account. iv. In our opinion, the Consolidated Balance Sheet and the Consolidated Income & Expenditure Account and the Consolidated Receipts and Payments Account dealt with by this report generally comply with the accounting standards where applicable. v. In our opinion and to the best of our information and according to the explanations given to us. the said accounts give the information required and give a true and fair view in conformity with the accounting principles generally accepted in India a) In the case of the Consolidated Balance Sheet of the State of Affairs of the organization as at 3 1St March, 2015. Police Bazar. Shillong-793001 e MIZORAM RASHTRIYA MADHYAMIK S!SAAH ANRMAI Name of the SIS: MEMS (RMSA) Consolidated Reeipts & Payments Account r the ear ended 31.03.2015 RECEIPTS Sche Currentfea, PrviousYear AYMENS Sche Curient Year mous Year Openinq Balance :Epanditure at Districts and SMOC leVe0: a) Cash in Hand 180839 52.718 Captal Assets: Civil Work 220,812.02 172,086,264 b) Cash at Bank 202.456,659 238 Grant-in-aid (neral): c) Unadjusted Advances 211,126.074 174509.544 Salar of Headmaster 25,678.754 25,920,0 Teacher Selar 144.314.425 144,441.433 Laborator Attendants Salar for Naw School 14,S80,000 14.575,644 Funds Received From Govt of India: Laborato Attendants Salary for E.In School 35,621.000 35,783,000 Clerks Salar fot New Schoft 14,259,955 14.415,007 a) RMSA 242,187027 394,52t,000 School Grant 95"DO 13,596100 Funds Received From State Govt;GF Chld 44,224.300 Pand RecivedPramStat GSn: I-Service reachets Training.25.0 4,11t6,000 ".anuna of SMDC MembertCommunity Training 1,462,620 1,4580500 a) RMSA 6.41000 71.663,000 Ecrsion it for Students 2.079.600 Bookfair at Gist Level 730.000 _____ Interest SPO 8 1ecial Teachin 957,000 1,577,202 Guidance And Coanselieg Call SCERT) 1.299,600 1,288,400 a) RMSA Otst 4.916,460 14,S17,871 tMER (RI 12.136,251 13.396,213 IEDS Loan Recovery 1445.910 42.710 R1 Expenditure of distnct and sub- Minar lenair 4,97K,80 5__!5 district level adjusted against State Level :1 NIMER R 2.801. 3013.000 advances 2 NIMER(N-R 1.75,763 Advance for district and SMDC 31 Miscellaneous Expenses. progrn'a e activities adjusted Funds a In-Serice Headmasters Training 616.50 refunded by distocts and SMOC Level cnce KIt 6.165,000 C) Spos . 2,000 005 d) Maths Kits 9 42.,000 e)nDvelopment of Moules 600.000 _______D_ IEGDSS 14,466,516 C siPrdeessionl evele&went Pro aS tate Resourccnt.0o0h,yarened 1.30 Sche CurrentYea v hi Prouessional evaeropment Prog. h Headuasters 24.0 P EClendi Balance a Cash i Hand 421,143 202455669 Cash at Bank 1273601.78 202,456,86 21 4 Unadjsted Advances 211.128,674 TOTAL RUPrES ~~~~~~~687,295,972 83.5 -6 T -A RPE 8,9,7 9,5,$ in tems1 v60cr report Sa even dare. For A Pro tCt Star Projct Directr ChaLtatd AcoAnttets nRdhatvs MaShaaarik EsO,n AgSy 1 Stalte Project Dtirveiot, Clrk SaayfrN1Sho 't5pjn PAUL) A.m'al F In ff:nhty a:tiyotjiso SRfklocAitt Pro3 05021 000 Sracon,o AGria the 28e n of Dect 20fSo A.Paul & Co. Chartered Accountants AJIT PAUL B.Corn, F.C.A Phone:2225630 AUDITORS' REPORT We have audited the attached Consolidated Balance Sheet of Mizoram Rashtriya Madhyamik Shikska Abhiyan (RMSA) as at 31st March, 2015 and also the annexed Consolidated Income and Expenditure Account and the Consolidated Receipts and Payments Account for the year ended on that date. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audit includes examining. on a test basis. evidences supporting the amounts and dislosIUres in financial statements. The audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion. We have following to report: a) Fixed assets have not been verified by the authorities. b) Depreciation have not been provided on fixed assets. c) Physical Verification of Cash in hand as on 31" March, 2015 at all levels was not conducted. d) Excessive cash holding should be avoided. e) On certain occasions payments of high amounts were made by bearer cheques/cash instead of crossed account payee cheques which should be avoided. Police Bazar, Shidlong-793001