Central autonomous Bodies
Central Autonomous Bodies
- Introduction, Section & Function:
In respect of Audit of Accounts of the Autonomous Bodies established by or under law made by the Parliament where C&AG is the statutory auditors, issues a Separate Audit Report containing the comments of the Comptroller & Auditor General on the accounting treatment only with regard to classification, conformity with the best accounting practices, accounting standards, disclosure norms etc. Audit observations on financial transactions with regard to compliance with the Law, Rules and Regulations (Propriety and regularity) and efficiency cum performance aspects etc, if any, are reported through Inspection Reports/CAG’s Audit Reports separately.
The audit observations, which are not brought out in the Separate Audit Report, are brought to the notice of the Management by way of Management Letter for remedial action and corrective action to plug the deficiencies.
In order to complete the certification of accounts of the companies within 120 days from the date of receipt of audited accounts as provided under the relevant section of Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Act, 1971, in the month of February every year, D.O. letters are issued by Principal Director to the Chairman, of each of the auditee Abs under the audit jurisdiction of this Office proposed time schedule for submission of Abs audited financial statements, so as to plan and manage the limited human resources of this office for effective deployment in the financial attest audit and to adhere to timeline.