Vellathooval
Grama Panchayat

The audit of the financial statements of Vellathooval Grama Panchayat for the financial year 2023–2024 revealed certain discrepancies and deficiencies in financial accounting and record maintenance. The major observations include non-inclusion of notes to accounts and material disclosures in the financial statements; discrepancies between the Cash Flow Statement and the opening and closing balances of cash and cash equivalents; differences between the amounts recorded in the Demand Registers and the Financial Statements; and delays and inaccuracies in recording demand entries relating to tax and non-tax revenues. The audit also observed that accumulated depreciation in respect of certain assets exceeded their book value and that the basis for calculation of depreciation could not be adequately authenticated. The Asset Register was not maintained up to date, and monthly bank reconciliation statements were not prepared for all accounts. Differences were also noticed in loan balances and unspent grant amounts. Adequate provisions for doubtful debts had not been made, and essential registers such as the Advance Register, Loan Register and Deposit Register were not properly maintained. The audit further pointed out deficiencies relating to the authenticity of amounts received from the Block Panchayat for joint projects, the absence of authenticated journal vouchers supporting prior-period adjustment entries, and the failure to record certain part-bill payments under Capital Work in Progress.