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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
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 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

To ask auditors to submit report
January, 12th 2010

The Department of Telecom is likely to ask auditors of three telcos-- Vodafone Essar, Idea Cellular and Bharti Airtel -- to submit their reports by February 7, 2010.

"It is requested that the audit shall be completed and the final report be submitted to the Department by February 7, 2010," DoT said in an internal note.

A senior official said the note would be shortly sent to the auditors --- S K Mehta & Co, Chhajed & Joshi and Contractors, and Nayak & Kishnadwala-- and the three operators after getting due approvals.

The note does not mention Tata Teleservices. Official sources said the auditor in this case was appointed much later than in the other three cases and therefore should be given more time to submit the report.

The auditors have already indicated to the DoT through their status report that assignments are in final stages, the note said.

Auditors Nayak and Kishnadwala, who are doing special audit for telecom major Bharti Airtel, had sought extension from the government earlier.

In April last year, DoT had ordered a special audit on five telecom companies --- Bharti Airtel, Vodafone-Essar, Tata Teleservices, Idea Cellular and Reliance Communication --- to check alleged mis-reporting of revenue to evade taxes and licence fee.

All the auditors had sought extension of time to submit their reports. The report on RCom, one of the five companies, had submitted to the government.

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