Audit Reports
Punjab
Report No 2 of 2015 - Social General and Economic Sectors PSUs Government of Punjab
Overview
The accounts of Government companies (including companies deemed to be government companies as per the provisions of the Companies Act) are audited by the Comptroller and Auditor General of India (CAG) under the provisions of the Companies Act enacted from time to time. The accounts certified by the Statutory auditors (Chartered Accountants) appointed by the Comptroller and Auditor General are subject to supplementary audit by officers of the CAG and CAG gives his comments or supplements the reports of the Statutory auditors. In addition, these companies are also subject to test audit by the CAG.
Reports in relation to the accounts of a Government Company or Corporation are submitted to the Government by CAG for laying before State Legislature under the provisions of Section 19-A of the Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Act, 1971.
In respect of two Statutory corporations, PEPSU Road Transport Corporation and Punjab Scheduled Castes Land Development & Finance Corporation, the CAG is the sole Auditor.
The instances mentioned in this Report are those which came to notice in the course of test audit for the period 2014-15 as well as those which came to notice in earlier years, but could not be reported in the previous Audit Reports; matters relating to the period subsequent to 2014-15 have also been included, wherever necessary.
This Report contains 18 paragraphs and two performance audits i.e. ‘Procurement, Storage and Custom Milling of Paddy’ and ‘Purchase and Inventory Control’ involving amount to the extent of Rs.844.86 crore due to non-compliance with rules, directives and procedures; non safeguarding their financial interests; defective/ deficient planning and inadequate/ deficient monitoring etc.