Lucknow Public Educational Society is operational in the state of Uttar Pradesh & Delhi. The society has been set up to establish educational institutions to provide quality education and to work towards global development of the students. Internal Audit Internal Audit is planned and performed by the Management of Lucknow Public College of Professional Studies. The Financial Statements are prepared on the historical cost convention and the proper books of account are kept by the college. These statements are prepared in accordance with the Generally Accepted Accounting Principle (GAAP) and the applicable mandatory Accounting Standards. The preparation of financial statements requires adoption of estimates and assumptions that can affect the reported amount of revenue, expenditure, assets and liabilities as well as the disclosure of contingent liabilities. External Audit R. P. Verma & Co, Chartered Accountants, have been our Statutory Auditors for the last 5 years. They are independent auditors appointed by the Society to conduct the audit of the financial statements of the Society. They have not pointed out any weakness in the internal control system. The reports of the statutory auditors are available for the last 5 years. They have stated in their report that proper books of accounts have been kept by the Society and expressed opinion that the financial statements give a true and fair view in conformity with the accounting principles on the Balance Sheet and Income & Expenditure Account. The qualified opinion is not related to the systems and procedures or the internal control systems.