Can Cag Audit Private Companies Upsc?

Can CAG audit private companies?

As the audit of such private sector records is to safeguard the interests of the State or its agencies or instrumentalities, it has been upheld by the courts on multiple occasions and therefore, there may be no requirement for specific entrustment.

Which companies are audited by CAG?

Certain companies, deemed to be government companies in India, are required to be audited by CAG. Examples are companies like the Railway Board and Indian Oil Corporation.

Which accounts are not audited by CAG?

UPSC Mains Q. The accounts of which of the following are not audited by CAG? Notes: Comptroller and Auditor General of India audits the receipts and expenditure of State Governments, Government Companies and Central Government. Local bodies are not audited by CAG.

Can CAG audit public accounts?

Section 13(1) of the Act also authorizes the Comptroller and Auditor General to audit transactions made by the Union and States and Union Territories towards Contingency Funds and Public Accounts.

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Can you audit a private company?

Private company audits provide businesses with independent assurance that financial statements are an accurate reflection of financial performance. Businesses need financial advisors who understand their industry and the complexities of the audit process.

Do private companies get audited?

Private companies are likely subject to GAAP requirements to satisfy lenders and insurance companies, but not all private companies issue audited financial statements.

Which corporation is not fully audited by CAG?

The Oil and Natural Gas Commission.

Why LIC is not audited by CAG?

The business of life insurance differs quite a bit from the Indian Government’s annual financial-standards audit . The Life Insurance Corporation of India (LIC) is not audited by the government’s Central Auditor General, since the LIC Act does not include any enabling provision for CAG’s audit.

Why RBI is not audited by CAG?

Although government agencies like RBI, LIC, SBI and other state public sector banks are audited by statutory auditors and not the CAG, it is believed that they require a different level of expertise than what the CAG has.

Can CAG audit local bodies?

The mandate of the Comptroller and Auditor General for audit of local bodies, comes from the CAG’s DPC Act 1971. The individual conducts an audit on receipts and expenditures of those local bodies both urban and rural that receive substantial amounts of financial support from the union or state.

Can CAG audit Defence?

Audit of Defence Services is one of the most important audits for the CAG in terms of coverage and materiality. It’s been done on a chequered history, with now briefly narrated. The basic aim of defence audit is to figure out how much Defence exercised power by assessing their transactions.

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Is Air India audited by CAG?

Our audit team is independent of the company according to the ICAI code of ethics and we meet our ethical requirements for the audit.

Can a CA do his own audit?

According to section 44AB of the Income Tax Act, 1961, Assessing is liable to tax audit. In order to avoid penalties and have a skilled person sign your audit report, you should get your books audited by a qualified professional. A Chartered Accountant would be qualified as an auditor. An individual can also act as an auditor if they’re certified in the field and indicated on the Income Tax Audit Report.

Does CAG audit public sector banks?

As the government’s premier auditing agency, the CAG conducts financial, compliance, and performance audits. These audits help to maintain legitimacy and accountability levels for the use of public funds by providing unbiased information from a trusted source.

Can CAG audit Sebi?

The Central Auditing Agency of India (C&AG) has mandated the three central audit offices to audit these regulatory bodies.