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Audit of Government companies; is governed by Section 619 of the Companies; Act, 1956. The accounts of Government companies are audited by Statutory management. Auditors appointed by CAG. These accounts are also subject to supplementary audit conducted by CAG.
Audit of Statutory corporations is governed by their respective legislations. As on 31 March 2012, the State of Assam had 41 working PSUs (37 companies and 4 Statutory corporations) and 10 non-working PSUs(all companies), which employed 36,069 employees. The State working PSUs registered a turnover of Rs. 2,879.21 crore for 2011-12 as per their latest finalised accounts as of September 2012. This turnover was equal to 2.49 per cent of State GDP indicating an important role played by State PSUs in the economy.
The State working PSUs incurred an aggregate loss of Rs. 575.68 crore for 2011-12 as per their latest finalised accounts as on 30 September 2012.