sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

CAG of India will restart audit of the Commonwealth Games
October, 11th 2010

Government auditor CAG will restart audit of expenses incurred for hosting controversy-marred Commonwealth Games on October 15 -- a day after the closing ceremony -- and would submit report within three months.

The Comptroller and Auditor General (CAG) had suspended the CWG auditing works in September and the work would resume after the end of the Games, a government official said on condition of anonymity.

CAG had begun vetting the Games' expenditure in August.

The audit work for CWG is related to work payments, contracts and leasing of sports equipment among others.

The official said the report would be submitted to the government by January-end and they expect it to be presented in the Budget session of Parliament in February.

The official said that auditing of works is half-way and the works have been suspended as the CAG inspection department could not access the premises of Central Public Works Department (CPWD).

Over 7,000 athletes and other staff from 71 nations are participating in the CWG being held in the National Capital between October 3-14.

In August last year, the CAG had submitted an evaluation report to the Prime Minister's Office and the sports ministry pointing out the slow pace of progress of all the projects connected with the Games.

The CAG study last year had also highlighted that all the projects would struggle to finish on time.

As per international guidelines, all CWG projects were to be completed by May 2009 and the last year should have been kept for trial runs.

However, after the award of Games-related work to India in 2003, no activity was undertaken till 2006.

The CAG audit would look into how the balance between the cost and quality has been maintained and whether there has been any cost overrun.

The CWG is in the thick of allegations of corruption ranging from favouritism in award of contracts to expensive hire of equipment for training and inflation in costs of building contracts.

In an inspection report released in August this year, the CAG had criticised the CWG Organising Committee over appointment of two consultants for broadcast rights and sponsorship agreements.

There has been a projected loss of revenue of over Rs 24 crore on account of giving contract to Fast Track Sales Ltd (Rs 5.20 crore on account of increased commission) and due to deficiencies in the services of the consultant (Rs 19 crore), the report had said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions