Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well. This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting fraud case....
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New MGNREGA social audit norms to make them independent by Anindo Dey
The social audit of schemes under the Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) now permits the involvement of outsiders in the process as facilitators. A new set of rules framed by the ministry of rural development for such audits has been approved. Christened Mahatma Gandhi National Rural Employment Gurantee Audits of Schemes Rules 2011, the rules ensure the audit process is independent of agencies implementing the scheme and the...
More »Key govt plans falter owing to shortage of manpower by Subodh Varma
Four mega-programmes of the government, meant to tackle big-ticket issues like child nutrition, school education, health and employment, appear to be faltering not because funds are short but because adequate manpower has not been put in place. This is the surprising finding of a new study done by the Center for Budget and Governance Accountability (CBGA), a New Delhi based think tank. The four mega-programs are Integrated Child Development Services...
More »CAG wants to audit rural job scheme by Subodh Ghildiyal
Comptroller and Auditor General (CAG) has asked the Centre to make an institutionalised audit system for job guarantee scheme with a key role for it. CAG said MGNREGA accounts should be audited in every district annually by Local Fund Audit or chartered Accountants appointed by state governments, and they should be empowered to give orders on how to audit. CAG has demanded the right to audit MGNREGA accounts at the frequency...
More »Singh targets ‘ethical deficit’
Prime Minister Manmohan Singh today appeared to back the environmental evangelism blessed by Rahul Gandhi and pursued by Jairam Ramesh, saying “the business practices of some corporate houses have come under intense public scrutiny for their perceived ethical deficit”.Although the Prime Minister’s statement, made at India Corporate Week, carries echoes of the corruption charges now swirling around the country, the preceding sentences suggest environment issues were on his mind.Immediately after...
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