The state government ordered the city local authorities to clean data on their accounts and to prepare the annual financial statements from now on using the financial module in the K-Smart application, which is now implemented across all local authorities. The last date of submission of the annual financial statements of the Audit department was also extended for this purpose.
In the order issued by this week, it was found that most local authorities did not complete various processes, including identifying all assets and obligations, valuation of assets and ensuring the accuracy of the opening balance sheet on the basis of this information. The audit department has noted this problem in recent years.
Since 2024-25 financial years, financial transactions in corporations have been held through K-SMART applications, while the rest of the local authorities have accepted it since the beginning of this year. According to the order, the local authorities can improve their credit rating if they cleanse data and prepare their annual financial statements using the K-SMART financial module, an integrated application. Local authorities must also ensure that all its bank accounts are mapped to K-Smart.
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Published – 29 August 2025 20:22
