Response:

The institution has a well-established mechanism for both internal and external financial audits, which has been in place for the years 2019 to 2023. The audit process is structured as follows:

A. Internal Audit:

1. Internal audits are conducted annually by a qualified internal auditor.
2. The internal auditor frequently visits the institution to review and verify financial records.
3. During these visits, the internal auditor checks if the records are properly maintained and inaccordance with audit norms.
4. If any discrepancies are found, the internal auditor provides necessary suggestions for correction.

B. External Audit:

1. The external audit is performed by a nominated auditor.
2. The external auditor certifies the accounts after thorough verification.
3. This process includes reviewing various receipts, funds received from state bodies, and other donations.
4. The external auditor ensures that resources are properly utilized and that the institution adheres to all applicable norms.
5. If any issues are identified, the external auditor consults with the internal auditor and the incharge of the accounts section to resolve them before finalizing the audit report.

This organization highlights the key aspects and responsibilities of both the internal and external audit processes.