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Questions and Answers
What is one of the primary responsibilities of the treasuries in the State?
Which function involves handling claims against the government?
Which of the following is NOT a function of the treasuries?
What accounts are the treasuries expected to maintain?
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What role does the treasury have regarding local bodies and institutions?
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The treasuries receive money from the public and departmental officers for crediting to the appropriate ______.
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Payment of claims against the Government is processed through ______ or other instruments.
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Treasuries are responsible for maintaining initial and subsidiary accounts and submitting ______ accounts to the state A.G.
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Treasuries act as a banker regarding the banking nature of accounts of local bodies, such as local fund and ______ accounts.
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The treasury is responsible for the custody of opium and other ______ in the treasury strong room.
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Receipt of money from Public and departmental officers is for the purpose of crediting them to the appropriate ______.
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Payment of claims against Govt. is processed through cheque or other ______ presented by the DDO.
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Treasuries are required to maintain initial and subsidiary Accounts and submit Monthly Accounts to the state ______.
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Treasuries act as a banker regarding local bodies and institutions, managing accounts like local fund and ______ accounts.
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The treasury is responsible for the custody of opium and other ______ kept in the treasury strong room.
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The audit of ______ and agreements is one of the duties carried out in Central Audit.
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Monthly accounts are audited according to the ______ of the funds.
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Objections are recorded in the ______ Book.
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Central Audit is conducted at the Head Quarters of each office of the State Accountant ______.
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The principles for regularity and propriety audit must be kept in ______ during Central Audit.
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Propriety Audit examines the high standard of financial ______.
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One of the aspects of regularity audit involves provision of funds authorized by ______ authority.
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Central Audit relies on ______, vouchers, schedules, and other documents from payment outlets.
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The audit must observe rules and regulations framed by the ______.
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Sound financial ______ is essential as per the propriety audit standards.
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The audit of sanctions, ______ is one of the duties carried out in Central Audit.
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Monthly accounts are audited according to the ______ of the funds.
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Objections are recorded in the ______ Book.
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Central Audit is conducted at the Head Quarters of each office of the State Accountant ______.
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The principles for regularity and propriety audit must be kept in ______ during Central Audit.
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Propriety Audit examines the high standard of financial ______.
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One of the aspects of regularity audit involves provision of funds authorized by ______ authority.
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Central Audit relies on ______, vouchers, schedules, and other documents from payment outlets.
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The audit must observe rules and regulations framed by the ______.
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Sound financial ______ is essential as per the propriety audit standards.
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Which of the following does NOT pertain to the duties of Central Audit?
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What is a key focus of regularity audit as defined in the Central Audit principles?
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Which aspect is examined during a propriety audit?
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What documentation is NOT typically included in Central Audit procedures?
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Which of the following is NOT an element of propriety audit standards?
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Which authority is responsible for conducting Central Audit?
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The issuance of objection memos is part of which audit procedure?
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Which statement accurately describes the nature of Central Audit?
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Regularity audit ensures that expenditures are sanctioned by what type of authority?
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What role do sanction orders play in Central Audit?
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Study Notes
Treasury Functions
- Receipt of Government Funds: Treasuries receive money from both public and government officers, ensuring proper crediting to relevant government accounts.
- Payment of Government Claims: Treasuries process payments for government obligations through checks or other instruments presented by authorized individuals, including government officials (DDOs), pensioners, and others.
- Account Maintenance and Reporting: Treasuries maintain detailed records of all transactions (initial and subsidiary accounts). These records are compiled monthly and submitted to the State Auditor General for comprehensive analysis.
- Banking Services: Treasuries act as banks for local bodies, institutions, and other entities, managing accounts such as local funds and provident funds.
- Custody of Valuables: Treasuries are responsible for safeguarding valuable items, including opium and other valuables, stored within their strong rooms.
- Cash Management: In situations where banking services aren't available, treasuries hold government cash balances and manage government cash transactions.
Treasury Functions
- Receipt of Funds: State treasuries receive money from public and government officers, crediting these funds to the appropriate government accounts.
- Payment Processing: Treasuries handle the payment of claims against the government through checks or other instruments presented by authorized individuals. This includes payments for pensions and other authorized expenses.
- Account Management: Treasuries maintain initial and subsidiary accounts of all financial transactions. These records are used to compile monthly financial statements and submit them to the state Auditor General for detailed analysis.
- Banking Services: Treasuries act as banks for local bodies and institutions, managing accounts like local fund accounts and Provident Fund (PF) accounts.
- Valuable Asset Custody: Treasuries are responsible for the safekeeping of valuable assets, including opium and other valuables, which are stored in the treasury strong room.
- Cash Management: Where banking services are not available, treasuries are responsible for managing the cash balance of the government and conducting cash-based government transactions.
Key Functions of State Treasuries
- Receives funds from various sources: Treasury departments accept money from government officials and departments for deposit into designated government accounts.
- Processes payments for government expenditures: This includes making payments for claims against the government through checks, other instruments, pensions, and authorized individuals.
- Maintains accurate accounting records: Treasuries keep detailed records of all financial transactions and submit monthly reports to the state auditor general for comprehensive compilation.
- Acts as a banker for various government entities: Treasuries hold accounts for local bodies, institutions, and organizations, including Local Funds Accounts and Provident Fund Accounts.
- Secures valuable assets, including opium: Treasuries have secure storage for valuable items, such as opium and other valuables, in their strong rooms.
- Manages government cash balances: In non-banking situations, treasuries handle the government's cash balances and associated cash transactions.
Central Audit Duties and Functions
- Central Audit involves auditing sanctions, agreements, vouchers, monthly accounts, and financial accounts
- The audit process includes recording objections in an objection book and issuing objection memos to relevant departments
- Central Audit is conducted in the office of the Accountant General (AG) in various states
- The audit is based on account details, supporting documentation, and sanction orders provided by different sources like treasuries and government departments
- Central Audit is primarily a regularity and propriety audit
- Regularity audit focuses on ensuring expenditure is authorized, funds are available, and government rules are adhered to
- Propriety Audit examines adherence to financial morality, sound financial administration, and the protection of government financial interests
Duties of Central Audit
- Audit of sanctions, agreements, vouchers, and monthly accounts are all part of Central Audit's responsibilities.
- Central Audit's role includes recording objections in a dedicated book, issuing objection memos, and following up with relevant departments.
- Scrutinizing and certifying Finance Accounts before the start of the year and Appropriation Accounts after the year's end are also key functions.
Central Audit System
- The Central Audit system operates in the office of the Accountant General (AG) in different states.
- This audit relies on documents provided by payment outlets, including treasuries, Public Works/Forest Divisions, and other authorities.
- Sanction orders endorsed by relevant authorities are also considered.
- The Central Audit process is conducted throughout the year by audit parties stationed at the head offices of the State Accountant Generals.
Principles of Central Audit
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Central Audit primarily focuses on regularity and propriety.
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Regularity audit ensures compliance with:
- Sanctioning of expenditure according to general or special orders from competent authorities.
- Availability of funds authorized by competent authorities.
- Adherence to government-issued rules and regulations.
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Propriety audit examines financial matters related to:
- High standards of financial morality.
- Sound financial administration.
- Dedication to the financial interests of the government.
Central Audit Duties and Functions
- Central Audit is conducted by the Office of the Accountant General (AG) in different states.
- The audit is based on accounts, vouchers, schedules, and other documents furnished by payment outlets such as treasuries, Public Works/Forest Divisions, and other authorities.
- Central Audit also relies on sanction orders endorsed by various sanctioning authorities.
- Audit of sanctions, agreements, vouchers, and monthly accounts are key responsibilities.
- Objections are recorded in an objection book and memos are issued to concerned departments.
- Scrutiny and certification of Finance Accounts (before the start of the year) and Appropriation accounts (after the end of the year) are crucial.
Central Audit's Scope and Purpose
- Central Audit is primarily a regularity and propriety audit.
- Regularity audit checks if expenditures adhere to general or special orders from competent authorities, if funds are authorized, and if government rules and regulations are followed.
- Propriety audit, while lacking a specific rule, focuses on examining high financial morality, sound financial administration, and devotion to the government's financial interests.
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Description
This quiz covers the key functions of treasuries, including the receipt of government funds, payment of claims, account maintenance, and banking services. Understand how treasuries manage and safeguard valuable assets and ensure proper crediting and reporting of government transactions.
