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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

PSUs favour three-phase CAG audit
March, 07th 2009

The Comptroller and Auditor General's (CAG) decision to conduct a three-phase audit of state-owned companies has found favour with PSUs as the move would encourage them to take corrective action quickly.

The three-phase CAG audit will help in scrutinising companies' accounts at the beginning instead of annually, the Standing Conference of Public Enterprises (SCOPE) Chairman, Mr Sarthak Behuria said.

It is a good thing ... since they (CAG) are going to do a three-phase auditing, if there are certain issues, they can discuss and scrutinise them in the beginning, he added.

The audit watchdog CAG, in order to prevent a Satyam-like auditing fraud in PSUs, has decided to conduct a three-phase audit of 80 state-owned companies and other entities undertaking work of commercial nature.

In addition to IndianOil Corporation, the company headed by Mr Behuria, the CAG audit will cover almost all the blue-chip firms such as ONGC, ONGC Videsh, Steel Authority of India Ltd, BPCL, HPCL, and Shipping Corporation of India.

Pointing out that the CAG may find it difficult to undertake such a massive exercise in view of paucity of resources, Mr Behuria said, For us it is no problem because we have audits on a continuous basis ... We have internal audits, statutory audits and other mandatory audits.

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