For excellence in financial reporting, SMC gets best financial practices award of ICAI
January, 01st 2011
The last day of the year has added yet another feather in the cap of Surat Municipal Corporation (SMC). Financial practices of the civic body have been recognised as one of the best in the country by the Institute of Chartered Accountants of India (ICAI) and SMC awarded for excellence in financial reporting. SMC municipal commissioner and mayor will receive the award at Vigyan Bhavan in New Delhi on January 4. The SMC has been awarded Plaque Award for Excellence in Financial Reporting in 2009-10.
Municipal commissioner S Aparna said, "Financial management system reflects the strides made in the sphere of development and a tool to measure performance. We are happy that our dedicated approach in finances has been recognised at the national level."
Assistant commissioner of finance, Sharad Mehta said, "We have been given this award for the year 2009-10. It is all the more pleasing because an experts panel has evaluated this." He also added, "Parameters like review of accounting practice, accounting standards, statutory guidelines and relevant procurements were looked into."
The SMC was given the award of best city in December 2009 by ministry of urban development for improvement in financial management through double entry accounting system. The ICAI has divided trade and service financial activities into categories such as banking, insurance, manufacturing, infrastructure, construction, service sector, local bodies etc.