Professional Documents
Culture Documents
1.1 INTRODUCTION
Income and Expenditure Account is a summary of all incomes and expenses relating to the
current accounting year. It is prepared with the object of finding out the surplus or deficit of
current incomes over current expenses. It is similar to Trading and Profit and Loss Account of a
trading concern and is prepared in the same manner. Income and Expenditure Account is primed
on 'accrual basis'. Income is a receipt of recurring nature and it is not meant for a particular use.
For example, donation received for building is a capital receipt and, therefore, it is not an
income. Similarly, expenditure means payments of recurring nature and is meant only for the
current year. No use of such a payment can be derived out of it for future period. For example, if
an asset is purchased the payment made is a capital payment and not an expenditure. All incomes
and expenses relating to the accounting year (whether actually received/paid or not) are taken
into consideration. Expenditure is recorded on the debit side and income is recorded on the credit
side. A distinction is made between capital and revenue items and only revenue items are
included in it.
2. Income and Expenditure Account is a nominal account. Therefore, the rule of nominal account
(debit all expenses and losses and credit all incomes and gains) is followed while preparing it.
3. The opening and closing balances of cash in hand and cash at bank are not recorded in it. It has
no opening balance,
4. While preparing it, only items of revenue nature are recorded and all items of capital nature are
ignored. For example, the profit earned or loss suffered on the sale of an asset will be recorded
in it but the amount received from the sale of an asset will not be recorded in it.
1
5. Incomes and expenses pertaining to only current year are recorded in it. All items of income and
expenditure which pertain to previous years and future years are not recorded in it.
6. Income and Expenditure Account is prepared in the same manner in which Profit and Loss
Account is prepared. Therefore, all adjustments for the current year regarding outstanding
expenses, prepaid expenses, incomes in arrears, income received in advance, depreciation, etc.,
are made while preparing it.
7. The closing balance of this account shows surplus or deficit for the year. If the credit side
exceeds the debit side, there is surplus. On the other hand, if the debit side exceeds the credit
side, there is deficit. The surplus is added to the Capital Fund while the deficit is deducted from
the Capital Fund.
A tax audit is an examination of your tax return by an outside agency to verify that income and
deductions filed are accurate. The income tax law asks the taxpayers to get the audit of accounts
of their business or profession done according to provision of income tax law.
The provisions for tax audits in India are covered under section 44AB of the Income Tax Act,
1961. The definition of tax audit as per income tax india is the audit conducted by the chartered
accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB. The
chartered accountant then prepare the audit report and submit their findings in Forms Nos
3CA/3CB and 3CD.
Financial statement audits are a routine part of closing your financial books. Audits help to
ensure the accuracy of the accounting data used to compile the statements as well as the overall
2
calculations. An income statement audit can help you isolate mathematical errors and ledger
discrepancies or give you peace of mind before you file the income statement during closing.
The first step in auditing financial statements is to verify the summary calculations. Start with the
income section, confirming that the total revenue amount is equal to the sum of the income lines.
Repeat this process for the expense category. Manually calculate the difference between the
revenue and expense numbers to verify the equity section, as owner's equity is simply the
difference between the revenue and expenses.
Once you determine that the calculations on the income statement itself are accurate, you need to
review the detail that contributes to the figures. Pull summary transaction reports from the general
ledger for each revenue account. Review the overall data on the summary reports for accuracy.
Run transaction-level reports for the accounts so that you can view the details to confirm that the
summary report figures are accurate. Each transaction-level report shows you what has posted to
the account. Compare the transactions in the ledger to the hard copy files, such as invoices or
check stubs that support the journal entries, to confirm that they were posted correctly.
2.3Expense Review
Pull ledger reports of the transactions in the expense accounts. Review the transaction detail
reports for each expense account to confirm that the expense totals on the income statement
report are accurate compared to the ledger activity. View the detail level in the ledger for the
individual transactions posted in the period to confirm that they were recorded properly. Check
the dates on the expenses to be sure that they apply to the period in question, and manually verify
the calculations by adding them up yourself,/ to ensure that the recorded totals are correct.
When you complete a full audit of the income statement, select a few transactions from each
relevant account, such as a few credits posted to each revenue account and a few payments
3
issued from each expense account. Request the documentation of the transactions you selected to
complete a sample audit of the account activity. The documentation in question would consist of
check stubs and invoices or paperwork filed to support journal entries. Check the calculations of
the invoices or the payment vouchers, and verify that the entries in the system match the
documentation.
4
this determination, they check if the provisions set aside by the company for bad debts are
sufficient. Auditors also determine if the company's provisions for depreciation and other
anticipated losses are at reasonable levels.
2.9Accuracy of Valuations
Auditors examine whether the figures assigned to the various headings under the balance sheet
are accurate. They compare the information in the financial statement with third-party
documentation. For example, auditors will determine if the assets and liabilities found in the
balance sheet exist. They confirm that the assets legally belong to the company and the liabilities
properly attach to the firm. They also check restrictions on the use of the assets, and whether
those restrictions must be disclosed.
5
produces the financial statements under audit. As an external, independent party, the CPA does
not manage the profit and loss statement and does not create the statement for the company. This
is to prevent biased or fraudulent opinions from being expressed in the auditors statement.
5.1Issues
Revenue recognition issues usually stem from consignment sales, round-trip sales, refund and
return rights, gross sales and bill and hold transactions. Sometimes management feels pressure to
misstate revenues to encourage investors or impress upper-level management or the board of
directors. Other times it is simply a case of human error and recording the revenue at the wrong
time. Before performing the audit, the auditor should develop an understanding of both the entity
and industry in which the organization operates so he can better assess the outcome of the
auditing procedures.
5.2Analytical Procedures
Analytical procedures often include running various financial ratios and comparing them to
industry benchmarks. For the revenue cycle, the auditor examines the gross profit margin and the
amount of growth that the company has experienced in one year. As part of the analytical
procedures, he should analyze the organization's maximum capacity for sales if its facility and
employees were fully utilized. He must also examine the accounts receivable account to ensure it
is not outgrowing sales. If it is, this could indicate that the company is a credit risk and may have
cash flow problems in the future.
5.3Tests of Controls
The main component for the internal controls of an organization, no matter which cycle they are
pertinent to, is management's adoption and adherence to high ethical standards and strong
controls. Tests of controls for the revenue cycle include who accepts and approves credit sales;
the separation of duties for filling out, shipping, and recording sales orders; appropriate
6
documentation for collecting and depositing cash and recording the receipts; the appropriate
authority and documentation to grant discounts for early or cash payments and sales returns; and
management authorization to determine that an account is uncollectible and should be written off
to bad debts.
5.4Substantive Tests
Performance of substantive tests will help to find any errors or misstatements within the accounts
or documentation associated with the revenue cycle. These tests include checking the trial
balance that the accountant creates at the end of the cycle, confirming receivable amounts with
the company or person who owes money and evaluating the accuracy of the allowance for
uncollectible accounts by reviewing the history of the entity. They also include vouching, tracing
and performing cut-off tests for all sales, sales returns and cash receipts. To do this, the auditor
examines all documentation related to a customer and also examines a journal entry; she then
either works forward from the initial sales order to the journal entry or backward from journal
entry to initial sales order to determine accuracy.
7
Once the auditor has an understanding of the company's sales process and the expected level of
internal control sophistication that the auditor expects to find, the auditor assesses the risk that
internal controls will not detect an error in the sales process. This process is completed by
mapping the internal control activities that were identified when learning about the internal
control system to specific management assertions related to sales. Once control activities are
mapped to management assertions, the audit can make a judgment as to how effective she
believes the controls will be at detecting misstatement.
5.9Perform Testing
Lastly, auditors will perform control and substantive testing. Because revenue is usually
considered to be a fraud risk area, the testing for this account is often completed by the more
senior members of the audit staff or audit senior accountant. In addition, the manager and partner
are likely to spend some extra time reviewing the revenue work papers on many audits. It is
important to note that if control or substantive testing results reveal that controls are not
operating effectively or account balances are misstated, the testing process can begin anew with
the auditor gaining a better understanding of the transaction flow, reassessing risk, changing the
nature, extent and timing of audit procedures and performing more testing.
Internal controls such as routine accounting audits are essential to ensuring that financial records
and cash transactions are accurate and complete. A detailed transaction review helps you be sure
that your cash handling processes are followed. Business expenses are a major part of financial
8
statements and overall financial performance, and auditing the accounts regularly protects your
business from inaccuracies and fraud.
3.1Ledger Review
A trial balance report from the general ledger is a vital first step in auditing expenses. Start by
reviewing the trial balance to check that debits and credits are equal. Review the current balance
in each ledger account to ensure that the balances are reasonable based on what you know. If you
are conducting a sample audit, choose a percentage of the expense accounts to review in detail.
3.2Transaction Detail
Inspect the transaction-level detail of ledger accounts for each expense account you selected.
Reviewing the ledger detail helps to identify transactions that may not belong or were posted
incorrectly.
Select a representative sample of those transactions and request the documentation, including
invoices, journal entries and cancelled checks. Compare these documents to the transaction that
posted to verify that everything matches. Research and obtain justification for any variance.
3.3Accounts Payable
Request an aging report for the accounts payable ledger, and review the transactions to ensure
that payments are issued in accordance with the internal controls. Choose a sample of the
transactions to inspect the documentation associated with it. Each document should reflect
signatures, initials and notes from each step of the approval process. Every payment requires
authorization from each person defined by the internal control document.
3.4Justified Expenses
Select a sample of material expenses, or expenses that have a significant effect on the company's
financial position. Research each expense to be sure that the item or service was received and is
justified according to standard business operations.
9
3.5N Bank Reconciliation
Inspect the bank statements for the period in question, and match the expenses to transactions on
the bank statement to validate the amounts. This is necessary to reduce the risk of theft by an
employee with access to payable transactions.
CHAPTER 2
INTERPRETRATION OF LEDGER ACCOUNTS
2.1INTRODUCTION
The final destination of all entries made in the journal is the ledger as they are all subsequently
transferred to it. The ledger is the most important book under the double-entry system. Ledger is
a permanent book of record, which contains all accounts relating to the financial transactions of a
business. Therefore, it is also called the book of accounts. An account contained in the ledger
book is called ledger account.
A ledger account is a statement shaped liked an English alphabet 'T' that systematically contains
all financial transactions relating to either a particular person or thing for a certain period of time.
Ledger account provides financial information such as how much a particular person owes to or
from the business, what is the value of particular asset the business possesses at a point in time,
or what is the amount of particular head of expense or income business has incurred or earned
during a particular period., The ledger book, therefore, contains the details of all classified
10
information of financial transactions of the business. It is also called the principal or main book
of accounts. It collects records and provides the financial information of the business in a
classified manner so as to ascertain the profit and loss and financial position of the business at a
certain point of time.
2.2DEFINITION
Collection of an entire group of similar accounts in double-entry bookkeeping. Also called book
of final entry, a ledger records classified and summarized financial information from journals as
debits and credits, and shows their current balances. In manual accounting systems, a ledger is
usually a loose leaf binder with a separate page for each ledger account.
The ledger provides a complete record of financial transactions over the life of the company. The
ledger holds account information that is needed to prepare financial statements and includes
accounts for assets, liabilities, owners' equity, revenues and expenses.
The ledger is a permanent book of record which contains a number of accounts of different
subjects. Its purpose is, therefore to provide classified financial information about the subjects
such as a person, asset and an expense or income.
The fundamental double-entry principle provides that debit is always equal to credit or vice
verse. Since the ledger account is prepared under the double-entry system, it helps to prepare a
rial balance that provides a check on the arithmetical accuracy of the recording transactions in
the books of accounts.
11
The ledger is a book of accounts relating to all the financial transaction of the business. It
contains the accounts of all expenses, losses, incomes and gains. Therefore it helps to prepare
the profit and loss account of the business so as to ascertain the profit earned or loss suffered
during a specified period.
The ledger also contains the accounts of the financial transactions relating to capital, all
liabilities and assets of the business. With the help of the balances of these accounts and profit
and loss of the business, a balance sheet may be prepared to show its financial position at a
certain point in time.
a. Ledger account keeps a permanent record of all financial transactions in a classified manner.
b. Ledger account shows detailed financial information of a business regarding debtors and
creditors, assets, and incomes and expenses.
c. Ledger account helps to prepare a trial balance in order to check the arithmetical accuracy of
the recording of the financial transactions of the business.
d. Ledger account helps to prepare profit and loss account so as to ascertain the profit or loss of
the business.
e. Ledger account helps to prepare the balance sheet with a view to show the financial position
of the business.
12
CHAPTER 3
TWO SPECIAL AUDITS
3. AUDIT OF HOTELS
3.1 INTRODUCTION
In hotel business, usually the internal control procedure tends to be weak and ineffective.
Therefore, the auditor should carefully evaluate the effectiveness of internal control system in the
different areas, before deciding upon audit techniques and methods to be followed in those areas.
This section discusses audit procedures for hotel tax audits. The actual procedures employed will
depend on the records available. The auditor should utilize all available records and worksheets
and computer data of the taxpayer. Computer records are considered books and records and may
be requested by the auditor if considered necessary to conduct the audit.
Tests should be made in accordance with generally accepted auditing procedures. The auditor
will schedule exceptions noted and be prepared to discuss these exceptions with the taxpayer.
13
After the audit assignment has been received, certain information concerning the taxpayer's
account and the business should be obtained through pre-audit research before an initial contact
is made with the taxpayer.
Pre-audit research includes reviewing the following:
The capacity for each outlet should be reviewed to determine if reasonable receipts are reported.
Outlet data from the taxpayer's history should also be verified in the entrance conference to
determine if any file maintenance is necessary. Refer to the checklist for a list of the questions to
ask the taxpayer.
14
3.5 Visual Inspection
A tour of the premises should be made prior to beginning the examination of the audit records.
The location of meeting and banquet rooms and facilities
Total room receipts should be reconciled for the entire audit period. Total room receipts should
be reconciled with the general ledger and/or income tax return. Usually, a separate account is set-
up for banquet room receipts.
Meeting and banquet receipts from the general ledger should be combined with the room receipts
from the general ledger and compared with the reported total room receipts and the reported
taxable receipts shown on the taxpayer history.
Differences may be a result of:
Bad debts
Exempt sales - taxpayer only reports taxable receipts
Banquet room receipts not being reported
Computation errors
Posting errors
Bar receipts included in total receipts
Restaurant receipts included in total receipts
Gift shop receipts included in total receipts
Vending machine income included in total receipts
Tax collected included in total receipts
15
The differences from the reconciliation with the general ledger and/or income tax return should
be analyzed to determine if further examination of records is necessary. If there are some
unexplained differences, then discuss the differences found with the taxpayer. Many of the
differences found in the reconciliation may be of no consequence to Hotel Occupancy Tax. The
taxpayer may be able to readily explain the differences. The auditor can then verify the
taxpayer's explanation rather than spending unnecessary time searching for the nature of the
differences.
Residential hotels will sometimes have transient tenants when rooms are available. Semi-
residential hotels cater to both the transient and permanent resident clientele. Semi-residential
hotels usually designate the number of rooms needed for overnight stay as well as those for
permanent residents. Transient Hotels usually do not have many permanent residents. These
hotels cater to clientele who stay overnight or for a short period of time.
NOTE: In the Entrance Conference and the initial examination of the audit records, the type of
hotel should be established. The extent of the audit procedure used will depend upon the type of
clientele of the hotel.
16
The check-in date
The occupant of the room
The period of payment
The base rate, and
Possibly the check out date
The frequency of payment (i.e., weekly, semi-monthly or monthly) would indicate the
probability of a resident staying less than 30 days. A client paying monthly is more likely to stay
more than 30 days. If monthly summaries are nonexistent or inadequate, then the deposit
agreement should be examined. The deposit agreement normally will show the date of
occupancy and vacancy. Initially, the deposit agreement may be sampled to determine if the
number of clientele who remain less than 30 days is significant. If this test indicates that a
significant number of the hotel's clientele stay less than 30 days, then the auditor should trace the
number of clientele who remained less than 30 days to:
If these records are not available for residential or semi-residential hotels, then examination of
the customer's folios may be required.
NOTE: Extensive examination of folios should not be necessary unless there are no Summary
records through which differences can be specifically identified.
17
Folios are usually filed by the date of the last charges. Therefore, folios can be randomly
sampled by days. The folios will show the date of arrival and the date of departure for
determining if a customer qualifies as a permanent resident. The registration card may indicate
the client's expected length of stay. It may be necessary to examine the registration cards to
determine if the first 30 days are exempt.
A transient hotel may claim a substantial amount of deductions if it caters to companies such as
railroads or airlines. These companies reserve rooms for their personnel. The number of rooms
contracted or paid for are usually not the same each day. Refer to Chapter 2 for treatment of
permanent residents.
The records necessary to determine the minimum number of rooms rented include the:
Sampling auditing techniques may be used if the records are numerous or unavailable.
Non-taxable room rentals must be verified. To determine if these non-taxable room rentals are
valid a sample may be taken. The size and nature of the sample would depend on the materiality
of the exemptions claimed and the summary records available for verification of the exemptions.
If a material error is found, then the sample period may be expanded.
18
Some hotels may summarize the exemptions claimed on a monthly or daily report. Additional
sources of verification are:
The folios may need to be examined if there are no summary records. Some taxpayers may
attach the exemption certificates to the folios.
19
4. RECEIPTS TO VERIFY HOTELS AUDIT
An auditor has to verify the following receipts and vouchers in a hotel audit. They are documents
for cash sales and credit sales, stocks movement register, payments to travel agents and laborers,
records relating to hotel assets and miscellaneous expenses etc.
1. CASH SALES
In hotels with no lodging facilities, almost the entire sale is on cash basis. Therefore, the internal
check should be very efficient and ensure that all sales are accounted. An electronic billing
machine or a series of numerically controlled manual bills may be used. Internal check shall
ensure that daily sales report is prepared and reconciled with the total of the bill roll, or the
numerically controlled bills. The auditor may cross-verify the same with the cash records
maintained by an independent person. The auditor may also test check the kitchen order tickets
with the cash bills to ensure the efficiency in internal checking system.
2. CREDIT SALES
The guest bills are the supporting documents for credit sales. The guest bills are prepared in the
reception wing. The guest bills shall contain room rent, charges for room service, laundry and
other services provided. The guest register may provide information such as the nature of rooms
occupied by the guests, the number of days stayed and the number of persons occupied the room.
Internal check should include preparation of daily report on room occupied in the previous night
with the number of persons in each room. This daily report may be prepared by an independent
person such as house keeper, who has no control over the accounts department or reception wing.
20
The auditor may cross verify the guest bills with the guest register and daily reports on room
occupancy. Verification of cash book against the guest bills shall confirm collection of cash
from the guests. If the rates charged are not as per the normal rates, the auditor may ensure that
such bills are duly authorized. The auditor shall ensure that the tax charged in the guest bills are
duly remitted to the concerned tax authorities by the management.
3. STOCK
The probability of pilferage of food items is very high due to their nature. Therefore, the stock
movement records should be accurately maintained. The internal control procedures, right from
the point of receiving the stock to the sales point, should be correctly maintained to avoid
pilferage. Unauthorized entry should be prohibited in the areas where stock is kept. The receipt
and issue should be made only under effective supervision.
The auditor may ensure his presence at the time of physical verification of stock. The auditor
may also rely on the valuation carried out by the professional valuers if he believes that the
procedure and methods of valuation of each item are appropriate to the nature of the items.
In many hotels, the bookings for rooms, parties, hall etc., takes place through travel agencies and
other similar agencies. The auditor shall ensure that the amount due is collected within the
agreed period. While verifying the commission paid to the agents, it should be ensured that the
commission is as per the agreement between the management and the agent.
5. PAYMENT TO LABORERS
21
In hotel industry, the labor turnover is very high and thus the number of casual laborers
employed is more. During festival seasons and in case of parties, laborers are employed even for
a few hours. The records maintained relating to wage payments will be disorderly and
inadequate. Due to this, probability of misappropriation of cash is very high. The auditor
shall insist on maintenance of proper wage records and implementation of adequate controls in
payment of wages.
6. ASSETS
Apart from the usual assets, such as land and building, furniture, plant and machinery, vehicles
etc., in hotel industry, semi-fixed assets such as silver and cutlery, blankets, curtains are also to
be recorded, controlled and accounted. The method of accounting for this type of special items is
to be prescribed by the auditor and he should also ensure that the recommended method is duly
complied by the management.
7. MISCELLANEOUS
In many hotels, a counter for exchanging the foreign currency into Indian Rupees is maintained.
The auditor should ensure that all the requirements of statutes governing such conversions are
duly complied. The auditor should also ensure that the occupancy-in-progress as on the date of
balance sheet is appropriately valued and accounted. The auditor may also analyze the financial
statements by calculating and comparing food cost, occupancy ratio and relevant ratios
applicable exclusively to hotel industries.
22
5. AUDIT OF EDUCATIONAL INSTITUTIONS
5.1 INTRODUCTION
Audit of books of educational institutions like school, college, universities etc. or other such
institutions which are engaged in the educational field is known as audit of educational
institutions. Auditor should check income and expenditure account and balance sheet of such
institutes in order to verify and report the true and fairness of results presented by income
statements and financial position presented by the balance sheet. Generally, the methods and
procedures for vouching and auditing is same even though an auditor of educational institution
should perform following tasks:
23
1. The auditor should go through the University Act. Trust deeds and should note the rules
and regulations relating to accounts. The governing body may pass resolutions from time
to time in respect to accounts. A copy of minutes books should be made available to him
so that he may be able to confirm whether the decision of the government body have been
compiled with.
2. Auditor should obtain a copy of budget or financial statements to study of different heads
of income and expenditure.
5. Auditor should verify the receipts of monthly fees from students, from counterfoils or
carbon copy of the receipts. He should also see whether cash received has been banked
daily or not.
6. Other charges from the students such as examination fees, laboratory fees, fines etc.
should be carefully verified.
8. The concession of fees and other charges should be duly authorised by the proper
authority. Any charges becoming irrecoverable should be written off only after proper
authority has recommended.
9. Any grant-in-aid or funds received for a particular purpose must be utilised for the same.
10. The donations and other subscriptions from the various authorities have been accounted
for and acknowledged.
11. The income from property, investment etc., should be properly verified from the
vouchers.
24
12. Auditor should vouch the amount of salaries paid with the Salary Register. Any increment
given to an employee shall be duly sanctioned.
13. The staff provident fund should be verified and it should be seen that it is invested as per
the rules.
14. The establishment expenses must be carefully vouched and it should be seen that capital
expenditure has not been treated as revenue expenditure or vice versa.
15. The payment of scholarship should be verified with the receipt from students and
Scholarship Register.
16. All the assets and liabilities should be properly exhibited in the balance sheet.
18. While making payment of staff salaries, income tax should be deducted at source and
shall be duly deposited with the Income Tax Department.
While examining the above records, the auditor has to ensure the following:
1. He shall evaluate and confirm the effectiveness of internal check system of accounting of
the receipts.
2. He should verify that the fees are collected from all the students and if there is any
concession, the same is granted by a person who is so authorized.
3. He should also ensure that the fees received in advance and fees receivable are properly
accounted and irrecoverable fees are written off under the authorization of the appropriate
person.
25
.3 VERIFYING RECORDS OF EDUCATIONAL EDUCATIONS
An auditor may ensure the following while verifying records of Educational Institutions
2. That the fines and penalties are collected after due authorization and accounted properly.
3. That a separate register is maintained for caution deposit received from students and the
refund due out of caution deposit is refunded to the students.
4. That long outstanding tuition fees, hostel fees etc., are periodically reviewed and reported to
the management for further action.
5. That the funds created for specific purpose are maintained separately, the investments
representing such funds are kept separately and the surplus income from such funds are
accumulated and invested along with the capital fund maintained for the purpose.
6. That the amounts that are refundable to the students are shown as liability in the Balance
sheet.
7. That all the capital expenditure are approved by the managing committee.
8. That the internal control procedure relating to purchase of stationery, provisions, clothing
and other items are effective and chances of pilferage and fraud are minimum.
9. The auditor may verify all the expenditure in the usual manner and examine the payment
out of funds created for specific purpose thoroughly and ensure that the receipts and
payments out of this funds are accounted and presented separately in the Balance Sheet.
26
REFERENCES
1. https://en.wikipedia.org/wiki/Financial_audit
2. http://audit of income and expenditure/wiki/
3. www.theglobalfund.org/.../Core_AnnualAuditsOfFinancialStatements_Guid
eline_en/
4. accounting-simplified.com/audit/introduction/audit-assertions.html
5. accountlearning.blogspot.com/2010/06/meaning-of-ledger-and-ledger-
accounts.html
6. www.businessdictionary.com/definition/ledger-account.html
7. https://www.scribd.com/doc/60923504/12-Audit-of-Hotel-Checklist
8. www.internalauditexpert.in/hotels-restaurants
9. accountlearning.blogspot.com/2012/02/audit-of-educational-
institutions.html
10.https://www.scribd.com/doc/124308829/Audit-of-Educational-Institutions
27