A special scope of work or terms of reference is given to the auditor.
While certifying the report to donors the audit should carefully ensure that the project has been duly implying by the recipients in accordance with the agreement executive Audit under FCRA .
1.) Sub-rule requires that the accounts and record foreign contribution should be got audited by a Charted Accountant.
fcra registration in india
Every such yearly account duly certified by a charted accountant in along with a balance sheet and statement of receipt and payment shall be furnished in duplicate to Secretary to the Government of India Ministry of Home Affairs New Delhi. The audit-report in Form with the related Balances and Statement of Receipt and Payment should be furnished the ministry within four months of the year-end. This part also requires the furnishing of the four months of the year-end.
2.) However, requires in the context of maintenance of books and record in terms of. requires it in the context of giving intimation to the Government (regarding foreign contribution received) in terms of the provision contained in. Further expressly requires the furnishing of NIL repo But has no such requirement. However since compliant to both the provisions is necessary NIL report is mandatory. Restrictions under FCRA The important Restrictions under FCRA may be classified into four main groups Restrictions on accepting foreign assistance by political particular candidates for election and other namely newspapers, the association of persons (correspondents, columnists, cartoonists, editors, own printers or publishers) judges, government servants. corporation-employees and members of legislature Regulating the acceptance of foreign contribution by association pursuing definite cultural economic educational religious or social programs. Restrictions on accepting foreign hospitality while visiting forever territories by judges government servants government corporation-employees and members of the legislature .
FCRA means Foreign Contribution (Regulation) Act. It was passed in 1976, nine years after an uproar over foreign funding of 1967 elections. The Act was originally intended to prevent foreign funds reaching political parties. Subsequently, in 1984, it was tightened for NGOs also, based on the findings of the Kudal Commission.
Any organization in India, having 80g registration which has a definite program needs FCRA registration before receiving foreign funds. It does not matter that these funds have come directly from the foreign source, or have passed through several Indian organizations. For getting FCRA registration, you have to apply in form FC-8. Foreign donors need to make sure that they give funds or materials only to organizations with a valid FCRA registration9. If the NGO is not registered under FCRA, the donor should ask them to show prior-permission.
