2017-18 AUDIT REPORT

Elikulam Grama Panchayat

Audit Report – Summary

Financial Year 2017–18

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About the Report

The Annual Financial Statement of Elikulam Grama Panchayat for the financial year 2017–18 was submitted for audit, and the Panchayat's accounts, fund utilisation, asset registers, and project implementation were examined.

 

💰 Fund Utilisation

The Panchayat generally achieved good performance in the utilisation of various development funds.

FundUtilisation Percentage
Development Fund – General Category87.44%
SCP Fund91.52%
TSP Fund96.73%
Road Maintenance Grant99.55%
13th Finance Commission Grant46.64%
Note: Utilisation was comparatively low under the Non-Road Maintenance Grant and certain other funds.

 

🏢 Asset Register

The accounting procedures relating to the Panchayat's assets had not been fully completed.
The asset register had not been updated.
The audit pointed out that incomplete classification and valuation of assets and liabilities could affect the accuracy of the General Fund reflected in the financial statements.

 

🏗️ Findings on Project Implementation

Financial assistance was provided to certain projects without preparing the required valuation.
The report indicates that project implementation and expenditure should be carried out based on more accurate documentation and proper technical procedures.

 

📌 Key Audit Findings

  1. A high percentage of utilisation was achieved under various development funds.
  2. Utilisation was low under certain funds, particularly the 13th Finance Commission Grant.
  3. The Panchayat's asset register had not been updated.
  4. Proper valuation of assets and liabilities remains to be completed.
  5. Required valuations and supporting documents should be ensured before granting financial assistance to projects.

 

Overall Conclusion

The audit report indicates that although Elikulam Grama Panchayat achieved significant utilisation of various development funds during the financial year 2017–18, further improvement is required in updating asset registers, proper valuation of assets, accuracy of financial records, and adherence to technical procedures in project implementation.

 

✅ Key Recommendations

1. Update the Asset Register
Details of all assets of the Panchayat should be accurately recorded.
2. Complete the Valuation of Assets and Liabilities
Proper classification should be carried out to ensure the accuracy of the financial statements.
3. Utilise Unspent Funds in a Timely Manner
Effective utilisation of allocated funds should be ensured.
4. Ensure Required Valuations and Documentation
Technical procedures should be followed before granting financial assistance to projects.
5. Maintain Financial Records More Accurately
The Annual Financial Statement and related registers should be kept updated.

 

At a Glance | Audit Highlights

87.44%
Development Fund
General Category
91.52%
SCP Fund
Utilisation
96.73%
TSP Fund
Utilisation
99.55%
Road Maintenance
Grant

 

Elikulam Grama Panchayat
Audit Report Summary – Financial Year 2017–18

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  • 2017-18 AUDIT REPORT