-The Hindu Business Line Complain to CAG of undervaluation, bid rigging and cartelisation The sale of the public sector Central Electronics Ltd to Nandal Finance and Leasing Pvt Ltd is under the radar of the Comptroller and Auditor General following a complaint of bid rigging by the joint platform of trade unions, including the BMS. Though the CAG’s office is tight lipped about any action on the complaint, BusinessLine has learnt that it...
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Here is why PM CARES should be scrutinised by the CAG -- not by independent auditors -Rohan Deshpande
-Scroll.in On Friday, the PMO refused to provide details about the fund under the Right to Information Act, stating that it was not a ‘public authority’. In the face of the coronavirus pandemic, Prime Minister Narendra Modi on March 28 constituted a brand-new trust fund for public contributions – the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund, bearing the catchy acronym of the PM CARES Fund. On Friday, the Prime...
More »Improving social audits -Suchi Pande & Rakesh R Dubbudu
-The Hindu Telangana’s experience is instructive The institutionalisation of “social audits” to ensure implementation of the National Rural Employment Guarantee Act (NREGA) has been challenging. Since being included in the 2005 Act at the behest of social movements, social audits have been ineffective in most parts of the country due to government indifference. So far, 26 States have created social audit units (SAUs), but the Comptroller and Auditor General’s (CAG’s) detailed guidelines...
More »CAG raps govt-owned banks for understating non-performing assets -Indivjal Dhasmana
-Business Standard Govt told to be consistent on capital infusion criteria The Comptroller and Auditor General of India (CAG) has slammed the managements and statutory auditors of 12 public sector banks (PSBs) for overstating their net profit, by underestimating non-performing assets (NPAs) and under-providing for these bad assets during 2016-17. Also, there were differences in the classification of and provisioning for assets between five banks and the Reserve Bank (RBI) but as the...
More »Confusion reigns on CAG audit of GST data -Josy Joseph
-The Hindu Auditor denied access to GST Network The crucial question about how and where auditors should get access to GST data continues to hang fire, even as hundreds of CAG auditors are being put through specialised training in anticipation of the implementation of the new tax regime from July 1. Various government officials, including ministers, have been insisting that the proposed tax regime will come into force as scheduled. The GST Network...
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