(1) The Headmaster or the Secretary of the school committee of every aided private school shall,-
(a) maintain separate accounts of grants or funds received from the State Government or the Central Government and the property held by or on behalf of the school;
(b) keep the bank accounts, ledgers, stock registers, cash books, receipts and vouchers by making proper entries; and
(c) keep all the records readily available for audit at any time.
(2) The authority competent to audit the accounts of an aided private Pre-Primary, Primary and Middle Schools shall be the Local Fund Audit and the authority competent to audit the accounts of an aided private High and Higher Secondary School and the Teacher Training Institute shall be the Departmental Auditor.
Explanation.-For the purpose of this sub-rule, ‘Departmental Auditor’ means officials working in the Audit Wing of the Directorate of School Education.
(3) The report on the audit of accounts shall be sent by the Local Fund Audit to the concerned District Educational Officer, and by the Departmental Auditor to the concerned Chief Educational Officer, and to the Principal, District Institute of Education and Training, as the case may be, with a copy to the school concerned. The concerned District Educational Officer or the Chief Educational Officer or the Principal, District Institute of Education and Training, as the case may be, shall after review forward it to the school committee for reconciliation of objections, if any, raised in the audit report.
(4) The Secretary of the school committee shall within a period of one month from the date of receipt of the audit report submit the report together with his comments, to the concerned District Educational Officer or the Chief Educational Officer, or the Principal, District Institute of Education and Training, as the case may be.
(5) After receipt of the report from the Secretary of the school committee, the concerned District Educational Officer or the Chief Educational Officer or the Principal, District Institute of Education and Training, as the case may be, shall take necessary follow up action and forward the report to the Local Fund Audit or to the Departmental Auditor, as the case may be, for necessary action.