INTERNAL AND EXTERNAL AUDIT

INTERNAL AND EXTERNAL AUDIT

Financial audits are regularly performed by the college externally. Periodically report from the Annual Statutory Audit is finished and sent to the Society.

The College's primary source of funding comes from tuition fees. Based on the costs from the previous year and the effects of inflation over the following three years, the tuition fee is fixed. Every three years, the institution provides with all pertinent information on expenditures and estimates, and the committee sets the tuition fee for each department conforming to the requirements outlined by the university. The college takes into account the salary increases through DA and increments.

St. Thomas College of Arts and Science and under ST. THOMAS ORTHODOX CATHEDRAL PARISH TRUST

Funds are mobilized from the following resources.

1. Student Tuition Fees, Madras University, Government and Non-Government Agencies.

2. Interest in Corpus Fund

The College's primary source of funding comes from tuition fee.  The tuition fee is ascertained according to the previous year's costs and the effects of inflation over the following three years. Every three years, the institution provides all pertinent information on expenditures and estimates to the committee sets the College's tuition fee in accordance with the university's requirements.

Optimal utilization of resources:

Based on the estimations provided by the Institute's departments and functional units, a yearly budget is created to guarantee the best possible use of financial resources. The Managing Committee/Board of Governors approves the sum. To make sure the budget is being used as effectively as possible for its intended purpose, audits are conducted regularly.

The Institute's primary source of funding comes from tuition fee. The tuition fee is ascertained according to the previous year's costs and the effects of inflation over the following three years. Every three years, the institution provides all pertinent information on expenditures and estimates to the committee sets the Institute's tuition fee in accordance with the university's requirements.

Budget Preparation

Making the most efficient use of financial resources involves following a systematic approach for budget preparation, accounting, systematic purchasing, and bill-settling, as well as frequent periodic audits. Our organization is equipped with a suitable framework for making good use of the financial resources that are at our disposal.

Based on the estimates received from the Institute's departments and functional units, an annual budget is prepared to ensure the most efficient use of financial resources. The Managing Committee/Board of Governors approves the amount.

Auditing

External auditors review and finalize the accounts every year, and audited financial statements are prepared. The balance sheet is reviewed by external auditors before being submitted to management. The budget for the following academic year is effectively prepared based on this report. The external audit assists management in understanding financial requirements and taking appropriate actions to utilize funds raised from various sources.