There is an external audit system by the firm of qualified chartered accountants and the audit is done on a concurrent basis, and the internal audit is done by the management in periodic intervals.
The institution has appointed N C Rajagopalan & Company for the concurrent and statutory audit. The frequency of concurrent audit is monthly and the statutory audit takes place on an annual basis. The last audit was done in July 2019.
The objections raised by the audit committee was placed before the planning and monetary committee and governing council for the ratification. There were no major audit objections. For certain minor expenses accounts department will itself act as internal auditing system.