Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: VAT RATES :: empanelment :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
 
 
« Auditing »
 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
 Firms appoint new auditors in shift to meet new standards
 Cadre restructuring in I-T dept may open scrutiny of closed cases
 RBI issues new guidelines on concurrent auditing at branches

CAG teams camped at the CWG Organising Committee (OC) office
October, 30th 2010

CAG teams camped at the Commonwealth Games Organising Committee (OC) office are engaged in an extraordinary task. They are asking for every file from all 33 "functional areas" of the OC that relates to any expenditure incurred right down to the smallest bill or invoice.

In a clear indication that investigative agencies intend to do a thorough job of probing the OC and related augean stables, the CAG teams are conducting an "100% audit" instead of the more usual 10%-15% scanning apart from focussing on controversial contracts or projects.

Armed with a list of contracts, CAG officials are poring over files, proposals, tenders and billing in a sub-itemised manner seeking clarifications from officials on authorisations and procedures. They are also looking at whether the most economical bids and services were procured and if there were exceptions were the reasons strong enough.

Occupying rooms within the OC office in central Delhi has also given these teams a vantage view of the mismanagement that has marked the committee's functioning, said sources who pointed out that some of the floors were lined with material delivered late or simply unused.

The decisions cleared by the executive board and executive management committee would be under closer scrutiny as these often involved big ticket items and the clearances were granted by senior OC bosses like Suresh Kalmadi, Lalit Bhanot and R K Sacheti. It has been repeatedly alleged that tendering was delayed and terms managed in a manner to favour a small set of suppliers.

The CAG teams are examining whether objections to expenditures were overruled and also at actions that resulted in savings. Some officials have argued that losses could have been higher if some budgets had not been whittled due to the resistance of some officers who did not follow "instructions" from the OC bosses. The managers for the opening and closing ceremonies had initially proposed a Rs-550 crore budget while the group of ministers finally sanctioned Rs 300 crore.

With CAG teams asking for the smallest expenditures incurred, there is a sense of concern over payments being currently cleared. Striking a cautious note, officials are carefully scrutinising completion certficates before

issuing payments that are in the clear. Similarly, questionable deals have run into trouble with even firms with patrons in the OC awaiting their payments.

Their apprehension is well founded as CAG teams are looking at project execution, plans abandoned mid-way and the financial processes by which decisions that smacked of inefficiency, resulting in what are seen to be huge losses.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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