Para 7.3.62 — MSO (Audit)
Original Rule Text
7.3.62 These separate Audit Reports will include mainly comments relating to the correctness of the accounts and the conclusions which can be drawn from them; other comments on irregularities affecting the accounts can also be included, but these should relate to matters the facts of which are beyond dispute and in regard to which there is not likely to be any difference of opinion between Audit and the Administration.
What This Means
Separate Audit Reports for statutory corporations and autonomous bodies should primarily focus on the correctness of accounts and the conclusions that can be drawn from them. Other comments on irregularities can be included, but only if the facts are undisputed and unlikely to generate disagreement between audit and the organization's management.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Focus should be on correctness of accounts and audit conclusions
- 2Comments on irregularities affecting accounts can be included
- 3Only include matters where facts are beyond dispute
- 4Avoid issues likely to cause disagreement between audit and administration
- 5Controversial matters should be reserved for the conventional Audit Report
Practical Example
While auditing a State Electricity Board, the AG finds that the Board has not depreciated certain assets correctly, leading to overstated profits. This is a clear accounting error and is included in the separate Audit Report. However, a policy disagreement about the Board's tariff-setting approach — where the Board disputes the audit view — is kept for the conventional Audit Report instead.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What should the separate Audit Report on an autonomous body mainly contain?▼
Can controversial audit findings be included in the separate report?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.