Internal Audit: The role of internal audit is to ensure proper maintenance of records, proper application of rules, regulations and instructions issued by the Govt from time to time as well as by the Council and also ensure accuracy in accounts and efficiency in operation. Basic role of Internal Audit is to point out grey areas where authorities have to immediately focus its attention and help management take timely action for corrective action.
Functions: The broad functions of internal audit are to conduct internal audit of Regional offices as well as Departments at Hqs, inspection of grantee institutions, dealing with the inspection reports of external audit, all matters relating to CAG’s audit Reports, examination of the economy, efficiency and effectiveness of operations including financial controls of the AICTE, review of accounting system and related internal controls etc.
Performance audit is an independent assessment or examination of the extent to which an organisation, programme or scheme operates economically, efficiently and effectively. Performance audit assesses:
- Economy – audit of the economy of administrative activities in accordance with sound administrative principles and practices and management policies.
- Efficiency: audit of the efficiency of utilisation of human, financial and their resources and procedures followed for remedying identified deficiencies
- Effectiveness: Audit of the effectiveness of the performance in relation to the achievement of the objectives of the audited entity and audit of actual impact of activities compared to the intended impact. In other words effectiveness addresses the issue whether the scheme, programme or organisation has achieved its objectives.