Audit Report

We have audited the attached balance sheet of KALA ACADEMY- CAMPAL, PANAJI GOA, (REG. 264 dated 28/2/70 ) as at 31 st March 2006 and the Income & Expenditure Account for the year ended on that date which are in agreement with the books of accounts maintained by the said Institution. These financial statements are the responsibility of the Institution’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of audit.

In our opinion, proper books of account have been kept by the above named Institution visited by us so far as appears from our examination of the books, subject to the comments annexed

In our opinion and to the best of our information, and according to information given to us, , and subject to our comments in the annexed statement, the accounts give the information required by Kala Academy Goa, in the manner so required and give a true and fair view:

I)      In the case of the balance sheet, of the state of affairs of the above named Institution as at 31-3-2006 &

II)                In the case of the Income and Expenditure account of surplus of its accounting year ending on 31-3-2006.

                                                            For Lalit Shah & Associates                                                                  Chartered Accountants 

Panaji Goa                                              Lalitkumar B. Shah             20th July 2006                                        Proprietor   

Annexure to Auditors Report to the Members of Kala Academy Goa, on the accounts for the year ending 31/03/2006

1. Titles relating to the land and flats (included in the fixed assets of the Academy under the head (“ Buildings”) have not produced before us.
2. The receipt and disbursements of the Academy are properly and correctly shown in the accounts. The Academy recognizes revenue in the year of receipt, except for hire income, even where the corresponding income will accrue in future accounting periods.
3. The cash balance and vouchers in the custody of the cashier of the Academy as on date upto which the accounts were drawn up and produced before us are in agreement with the accounts.
4. All books, deeds, accounts, vouchers and other documents records as required by us were produced before us. Except as stated in paragraphs 1 above
5. The Academy has maintained Fixed Assets register in the dead Stock Register Format as prescribed in Government Rules for maintenance of Fixed Assets Register. However Fixed Assets Register Does not reflect written down value of various assets, as depreciation entries are not made in Fixed Assets Register.
6. The fixed assets acquired and upgradation work carried out of Kala Academy, by Govt of Goa for holding International Film Festival of India have not been accounted, since the bills, receipts, details thereof are not yet handed over to Kala Academy by Goa State Infrastructure Development Corporation, the implementing agency appointed by Govt of Goa. Hence depreciation thereof has also not been accounted in the attached accounts.
7. We have physically verified on test check basis Fixed Assets and stores items of the Academy ( except assets created during International Film Festival ) during the course of Audit and found them in order.
8. Advances recoverable in cash or in kind for values to be received from persons other than employees and Sundry Creditors are subject to confirmation
9. None of the property or funds of the Academy have been applied for objects or purposes other than those of the Academy.
10. A list of amounts outstanding for a period of more than one year and prior period items is provided on Annexure I to Schedule 15 forming part of the accounts.
11. The Excecutive Board has sanctioned all expenditure incurred on Behalf of the Academy from time to time or other person authorized to do so under the rules and regulations of the Academy.
12. The Academy has invited tenders for Capital and or revenue expenditure exceeding Rs 2,00,000/-.
13. The minutes of the meetings of General council, Executive Board and other Committees are maintained regularly and properly.

                                                             For Lalit Shah & Associates                                                                   Chartered Accountants

Panaji Goa                                               Lalitkumar B. Shah             20 July 2006                                            Proprietor M No 38084