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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

Give revenue sharing details to CAG
August, 03rd 2010

The Supreme Court on Monday asked private telecom companies, which are members of the Cellular Operators Association of India, to submit their revenue sharing details to the Comptroller and Auditor General (CAG) within two weeks.

However, the apex court Bench headed by the Chief Justice of India, Mr S.H. Kapadia, said the CAG cannot examine these financial statements till the Delhi High Court, which is hearing the matter, decides on the statutory auditor's jurisdiction to audit the documents.

The COAI members had earlier given these revenue sharing details to the Department of Telecommunications (DoT).

Even as the DoT is verifying the reports of the independent auditors on revenue sharing details, the CAG wanted to find out whether there are any instances of revenue under-reporting for computing the licence fee.

This comes after the independent auditors had found some discrepancies, especially in the case of Reliance Communications.

The GSM operators body COAI and CDMA companies' organisation AUSPI had challenged the CAG's direction to the members of these two associations to provide revenue sharing documents for the purpose of carrying out auditing.

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