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Manual of Commercial Audit Procedure Part Ii

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Manual of Commercial Audit Procedure Part Ii For Official use only MANUAL OF COMMERCIAL AUDIT PROCEDURE PART II (17.1.12) Jan 2012 OFFICE OF THE PRINCIPAL DIRECTOR OF COMMERCIAL AUDIT & EX-OFFICIO MEMBER AUDIT BOARD, CHENNAI 600 034 1 TABLE OF CONTENTS Chapter Particulars Pages Preface 1. Introduction and Organisational Set- up 01 2. Audit Plan, Performance Audit, Thematic Study, Compliance Audit Reports 13 3. Performance Audit 45 4. Audit of accounts of Public Sector Undertakings 52 5. Synergy between organisation of CAG & CVC 76 6. Guidelines on Audit of Contracts and Agreements 77 7. INTOSAI & ASOSAI Guidelines for dealing with fraud and corruptions 82 8. Guidelines on audit of disinvestment 131 9. Audit in EDP Environment 137 10. Audit Quality management 140 11. OIL COMPANIES 147 A Indian Oil Corporation Limited (Southern Region) B Bharat Petroleum Corporation Limited (Southern Region) C. Hindustan Petroleum Corporation Limited (South Zone) D Chennai Petroleum Corporation Limited & Cauvery Basin Refinery 159 E. BPCL Kochi Refinery 173 F. Petronet CCK Limited 186 12. GENERAL INSURANCE COMPANIES 190 A United India Insurance Company Limited B National Insurance Company Limited C The New India Assurance Company Limited D The Oriental Insurance Company Limited 2 E Tariff Advisory Committee 13 Cochin Shipyard Limited 216 14 Neyveli Lignite Corporation Limited 224 15 Hindustan Newsprint Limited 234 16 Madras Fertilizers Limited 241 17 The Fertilisers And Chemicals Travancore Limited 247 18 Hindustan Photo Films Mfg. Co. Ltd. 257 19 Sethusamudram Corporation Limited 262 20 HLL Lifecare Limited 268 21 Bharatiya Nabhikiya Vidyut Nigam Limited 275 22 Ennore Port Limited 282 23 Lakshadweep Development Corporation Limited 286 24 Tamil Nadu Trade Promotion Organisation 293 25 Pondicherry Ashok Hotel Corporation Limited 295 26 IDPL (TN) Limited 300 27 Airports Authority of India 304 28 National Aviation Co of India 334 29 Salem Steel Plant 352 30 BHEL, PSSR, Chennai, BAP, Ranipet and ROD, Chennai 361 31 NTPC Limited, RSTPS, KCC, Alappuzha, S P P, Vizag. 388 32 Power Grid Corporation of India Limited, SRO I & II 402 33 Container Corporation of India Limited, SR and S C R, Hyderabad 415 34 Agricultural Development Finance TN Ltd 424 35 Rubber Board: 427 36 Pamba Rubbers Limited 428 3 37 Ponmudi Rubbers(P) Limited 429 A Meenachil Rubber Wood (P) Limited 430 B Rubberwood India (P) Limited 431 C Rubber Park India (P) Limited 432 D KITCO Limited 435 E ITCOT Consultancy & Services Limited 438 38 Indbank Merchant Banking Services Limited 441 39 Ind Bank Housing Limited 445 40 Chennai Metro Rail Company Ltd 449 41 NLC Tamil Nadu Power Limited 455 42 FACT-RCF Building Products Limited 461 IDBI Assets Management Company Limited IDBI MF Trustee Company Limited India clearing & Depository Service Limited * IDBI AMC and MF are to be transferred to other offices with effect from 1.4.2012 and files \ recors\ds pertaining to ICDS have not been reaceived in this office and hence not included in the Manual. 4 PREFACE Manuals on the Public Sector Undertakings (PSUs) under the audit jurisdiction of this office were compiled individually over a period of time. It was felt necessary that these manuals may be consolidated and updated to serve as a guide for the conduct of audit of PSUs. Therefore all important audit checks which need to be exercised during audit of PSUs are brought out in this comprehensive manual. Besides latest circulars \ orders from Headquarters on performance audit, Theme based audits and Three Phased accounts audit etc., have been included in the manual. Suggestions, if any for improvement or modification will be appreciated. Chennai 00.00.2012 Principal Director of Commercial Audit 5 CHAPTER 1 INTRODUCTION AND ORGANISATIONAL SET-UP Introduction Public Sector has been the focus of acrimonious debate over a considerable period of time. Divergent views have been expressed by distinguished economists, politicians and the captains of industries scanning its merits and de-merits. Started with only 5 Central Public Sector Undertakings in the year 1951, over the last six decades the number of PSUs is 466 (As on 31 March 2011) under the audit jurisdiction of the Comptroller and Auditor General of India. These included 329 government companies, 131 deemed government companies and 6 statutory corporations. All these were done with the sole objective of attaining a commanding height in Indian economy and also to give a thrust to the process of socio-economic development in the country with the noble objective of improving the quality of life of the people in general. Undoubtedly, with the enormous size of the Public Sector and its multi - faceted activities, it not only acted as a catalyst to economic and technological advancement in the country, but also acted as a trend setter for creating opportunities for the Private Enterprise. Although, Public Sector gave a tremendous boost to the Indian economy up to a certain stage, its subsequent deterioration became so palpable that it attracted criticism from all corners. The great task assigned to the Public Sectors in generating wealth for improving the quality of life of the common people remained more a dream than a reality. The huge investment in Public Sectors could fetch a meagre return for ploughing back for their expansion and diversification. Instead of becoming self-reliant, they started depending more and more on Government subsidy thereby creating undue pressure on the public exchequer. The symptoms of mismanagement were manifest in its over staffing, under-utilization of capacity, low productivity, high inventories, over capitalization, time and cost over-run in implementing projects and indifference to quality of its products and services. The public sector companies which worked under the umbrella of full protection of monopoly have a better track record than other public undertakings, which operated in a competitive scenario right from the beginning. Public sector undertakings have a high degree of public accountability. Their actions are scrutinised by various agencies of the Government and the Legislature. This is because huge amounts of public money are invested in such enterprises and the management does not have a personal stake in the fortunes of the undertaking. In addition to the regular audit conducted by the professional accountants, the Comptroller and Auditor General of India conducts Compliance audit, Theme based audit, Performance audit and Three phased accounts audit etc. Comments of the Comptroller and Auditor General on public enterprises are presented to Parliament every year under Article 151 of the Constitution of India. Annual reports of the various enterprises are also required to be submitted to Parliament under the provisions of the Companies Act or of the Statutes governing statutory corporations. Parliament refers these reports to Committee on Public Undertakings (COPU) which examines whether or not these undertakings are being managed in accordance with sound business principles and prudent commercial practices. In view of the special characteristics of the public sector undertakings, audit has some distinctive features. The auditors of public sector undertakings have to adopt certain techniques of Government audit on the one hand and the practices of Commercial audit on the other. Government audit is generally an audit of regularity, sanctions, propriety and efficiency. It seeks to verify whether the expenditure conforms to the various provisions of the law and the rules and whether it is covered by definite sanctions of a competent authority. It further examines whether every officer has exercised same vigilance in respect of the expenditure incurred from public money as a person of ordinary prudence would exercise in respect of expenditure of his own monies and whether the said expenditure was necessary and whether individual items of the expenditure gave the best results. Government audit, in effect, is also an audit of efficiency and seeks to identify avoidable delays, infructuous expenditure, under-utilisation of various resources and shortfall in the accomplishment of physical targets. In the case of Commercial audit, the primary objective is to determine whether the balance sheet and the profit and loss account give a true and fair view of the financial position and the working results of the Company. However, audit of public sector undertakings combines the features of Government audit and Commercial audit. Commercial undertakings of the Government of India and various States can be classified broadly as follows: 2 1. Government Companies including their subsidiaries (as defined in Section 617 of the Companies Act, 1956) 2. Deemed Government Companies (as defined in Section 619-B of the Companies Act). 3. Statutory Corporations (established under specific Acts of Parliament \ State Legislature). 4. Departmentally managed Commercial undertakings. In case of a Government Company, the following provisions envisaged in Section 619 of Companies Act shall apply: 1. The auditor of a Government Company shall be appointed or reappointed by the Comptroller and Auditor General of India. 2. The Comptroller and Auditor General of India shall have power to direct the manner in which the Company’s accounts shall be audited by the auditor appointed in pursuance of sub-section (2) and to give such auditor, instructions in regard to any matter relating to the performance of his functions as such to conduct a supplementary or test audit of the Company’s accounts by such person or persons as he may authorise on this behalf; and for the purposes of such audit, to require information or additional information to be furnished to any person or persons so authorised, on such matters, by such person or persons, and in such form, as he may, by general or special order, direct. 3. The auditor aforesaid shall submit a copy of his audit report to the Comptroller and Auditor General of India who shall have the right to comment upon, or supplement, the audit report in such manner as he may think fit.
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