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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax

Check Your Booth
Details (North)

News Search:
Latest Expert Exchange
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
 Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit
 Standard on Internal Audit (SIA) 6, Analytical Procedures

Palike has not had internal audit for 51 yrs
June, 17th 2011

Though the state auditor-general has been damning the BBMP year after year for its poor performance, the Bruhat Bangalore Mahanagara Palike has reportedly ignored its internal audit -- right from 1964, even in its earlier forms when it wasn't known as BBMP but as the city corporation.

The allegation was made by BBMP's Accounts Standing Committee chairman A L Shivakumar on Thursday. "As per the KMC Act, internal audit is a must, but it has been ignored. So there is no check and balance system in accounts, no bank reconciliation statement in BBMP, and lack of scrutiny leading to revenue loss. BBMP has only recorded its expenditures and not credit-debit statistics of its finances.

It is better to outsource the auditing system to a private agency, as do the local self-governments of Tumkur and Mandya," said Shivakumar. Which could mean that dozens of rackets must have flourished unchecked.

He alleged that fund-based accounting system has not been followed at the Palike. "After becoming chairman of the committee one and half months ago, I have written more than 14 letters to the officials concerned, but with no response."

Shivakumar will soon submit his report on anomalies in the accounts wing of the city corporation, to the mayor and commissioner.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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