The new rules will also strengthen internal controls through segregation of duties, specific controls in handling and accounting of cash, security, stores and general maintenance by delineating roles and responsibilities for various accounting models.
Moreover, the manual will introduce uniform chart of accounts for all municipal bodies and will provide guidelines for preparation of opening balance sheet and valuation of municipal properties. It will also help in publishing the annual reports within completion of the financial year.
The procedures enshrined in the manual will ensure incorporation of formats of database on finance prescribed by C&AG for effective monitoring of ULBs. This will also ensure provisioning against receivables based on the principles laid down by National Municipal Accounts Manual.