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 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

Panel chief: BBMP ignored audit objections
December, 29th 2010

BBMP is almost synonymous with ad-hoc management. Since 1964, BBMP has not replied to any of the  audit objections, alleged accounts standing committee chairman Gangabhairaiah here on Tuesday.

Besides, BBMP's officials had managed to get Rs 1,500 crore in 2008-09 and Rs 2,000 crore in 2009-10, when there was no provision in the budget for the same.

The chairman alleged: "In the absence of public representatives, these misappropriations have been done by officials, and commissioners who were in the hotseat then have overlooked these developments.

BBMP is still repaying this loan of Rs 3,500 crore, and the funds were misused in allotting the work code."

Further, the chairman also alleged that an executive engineer in Pulakeshinagar had flouted all rules and given tenders as per his whim for a road-laying project, construction of public toilets, and even in the construction of houses for SC/STs.

These were the findings of his inspection after taking charge as chairman of the accounts standing committee. The report would be submitted to the commissioner for further action, he added.

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