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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

CPM demands cancellation of GO auditing PwC
February, 21st 2009

The CPM has demanded cancellation of a GO entrusting the tainted auditing firm PricewaterhouseCoopers (PwC) -- facing serious
charges in the Satyam scam -- to decide the royalty for bauxite ore supply in Visakha agency.

The CPM district committee has also demanded a CBI inquiry into the state government's approval of PwC granting royalty to Jindal and Anrak companies much against the expert committee's suggestions. The government had issued GO 222 (dated 13-09-2008) entrusting PwC, the authority to decide upon the royalty.

CPM district secretary Ch Narsinga Rao alleged that though the high-power committee had recommended no royalty to the companies, the government had accepted the PwC recommendations of 50 per cent royalty to Jindal and Anrak firms. "With this move the private companies would benefit to a large extent, while the AP Mineral Development Corporation, the supplier of bauxite ore, would be on the losing side," he affirmed.

The CPM leader alleged that the government has colluded with the companies for commissions. He demanded the immediate cancellation of GO 222 and CBI inquiry into the episode. "Otherwise, we would intensify the anti-bauxite agitation with the help of tribals," he said.

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