Para 7.3.18 — MSO (Audit)
Original Rule Text
7.3.18 This chapter will cover miscellaneous topics of interest and incorporate individual draft paragraphs relating to companies and corporations not selected for review. These draft paragraphs relating to a particular company or corporation will be placed together. If the number of draft paragraphs relating to companies as well as corporations is large, there can be separate chapters titled "Miscellaneous topics of interest relating to Government Companies" and "Miscellaneous topics of interest relating to Statutory Corporations".
Note: The instruction contained in the
Note below paragraph 7.3.13 will apply mutatis mutandis to these Audit Reports also. In order to ensure adherence to this requirement, the draft comments to be incorporated in the conventional Audit Report should be brought out in the letter forwarding the Draft Audit Reports on the accounts of statutory corporations to the Comptroller and Auditor General (see paragraph 7.3.67).
What This Means
Chapter IV covers miscellaneous topics of interest and includes individual audit paragraphs about companies and corporations not selected for full review. Paragraphs relating to a particular company or corporation are grouped together. If there are many such paragraphs, separate chapters may be created for companies and corporations. The instructions from Para 7.3.13 about incorporating CAG comments on statutory corporations apply here as well.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Chapter IV covers miscellaneous topics for companies and corporations not selected for full review
- 2Individual draft paragraphs for each company/corporation are grouped together
- 3If the number of paragraphs is large, they may be split into separate chapters
- 4CAG comments on statutory corporation accounts may be incorporated here as well
- 5Draft comments for the conventional Audit Report must be highlighted in the forwarding letter
Practical Example
Chapter IV includes eight individual paragraphs: three relating to a state mining company (inventory discrepancies, delayed debt recovery, and staff irregularities), two about a dairy corporation (excess procurement and cold storage failures), and three about a tourism corporation (idle assets, revenue leakage, and contract irregularities). Since all eight fall within a manageable number, they are kept in a single chapter rather than being split.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
When would separate chapters be created instead of a single Chapter IV?▼
What does 'mutatis mutandis' mean in the Note?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.