Comments
The Comptroller and Auditor General of India (CAG) has extended the last date for submission of online applications for empanelment of chartered accountants firms/Limited Liability Partnerships (LLPs) for audit of public sector undertakings (PSUs). The extension will also cover applications for appointment of central statutory auditors in public sector banks.
As against the earlier due date of February 15, the CA/LLP firms can now submit the online applications till March 1, the CAG has said. This is being provided as a one-time relief considering the difficulties being faced by the CA firms in submitting online applications, the government auditor has said.
Currently, all auditor appointments for PSUs are done through CAG. Those empanelled will be appointed as auditors of government companies in 2021-22. In the case of public sector banks, the CAG firms up a list of eligible CA firms (based on weights assigned to various qualifying criteria) and sends it to the Reserve Bank of India for final approval and dissemination to the banks.
India has nearly 300 Central PSUs. Even public sector companies floated by State governments will be covered under the empanelment process. The process is also used for appointment of auditors for insurance companies — both general and life insurance ones.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.