Statutory Audit for Educational 
In Statutory Audit for Educational Institute such as schools, colleges, universities, and professional schools in India, several key financial statements are audited to ensure transparency and financial accountability.
1. Income and Expenditure Statement:
This statement provides a comprehensive overview of the institution’s revenue sources and how funds can utiliz.
It includes all sources of income, such as tuition fees, grants, donations, and other revenue streams, along with the expenses incurred for various operational and educational activities.
The audit of this statement ensures that the institution’s financial operations align with its educational goals and that funds csn use efficiently.
2. Balance Sheet:
The balance sheet presents a snapshot of the institution’s financial position at a specific point in time.
It lists the institution’s assets (such as land, buildings, equipment) and liabilities (such as loans, outstanding payments) along with the owner’s equity.
Auditing the balance sheet helps verify the accuracy of the reported values and ensures that the institution’s assets and liabilities correctly represented.
3. Cash Flow Statement:
The cash flow statement tracks the movement of cash in and out of the institution during a specific period.
It categorizes cash flows into operating activities (such as tuition receipts, salaries), investing activities (such as purchases of equipment), and financing activities (such as loans and repayments).
Auditing this statement helps assess the institution’s liquidity, its ability to meet financial obligations, and the efficiency of cash management practices.
To visit: https://www.incometax.gov.in
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