Regulation 108 — Audit Regulations 2020

Audit Regulations 2020regulations-audit

# 108. Corporations where Audit Board or Audit Review Committee is constituted or where primary auditor is appointed
In case of central corporations where Audit Board is constituted by the Comptroller and Auditor General, Regulations in Chapter 7 shall apply to the extent relevant. Further, in case of corporations where primary auditor is appointed under the relevant Act, relevant Regulations in Chapter 7 shall apply.
(e) Audit of State Corporations and other bodies and authorities entrusted to the Comptroller and Auditor General

What This Means

For central corporations where the CAG has constituted an Audit Board, or where a primary auditor is appointed under the relevant Act, the regulations in Chapter 7 apply to the extent they are relevant. This regulation also introduces the section on audit of state corporations and other bodies entrusted to the CAG.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Key Points

1Audit Board constituted by CAG for certain central corporations — Chapter 7 applies
2Primary auditor appointed under relevant Act — Chapter 7 regulations also apply
3Chapter 7 governs the relationship between CAG and primary/commercial auditors
4This bridges corporation audit with the specialized Audit Board framework
5Introduces section (e): audit of state corporations and entrusted bodies

Practical Example

The CAG constitutes an Audit Board for Air India comprising the CAG's nominee and chartered accountants. Under this regulation, the Chapter 7 framework governs how the Audit Board operates — including how the primary auditor reports to the CAG, how supplementary audits are conducted, and how the audit certificate is issued.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Frequently Asked Questions

What is an Audit Board and how is it different from the regular audit team?▼

An Audit Board is constituted by the CAG for certain central corporations. It typically includes chartered accountant firms as primary auditors who conduct the detailed audit, with the CAG exercising oversight and supplementary audit powers under Chapter 7.

What does 'primary auditor' mean in this context?▼

A primary auditor is a chartered accountant firm appointed to conduct the main audit of a corporation's accounts. The CAG retains supervisory and supplementary audit powers over the primary auditor's work.

Does this regulation apply to state corporations?▼

This specific regulation applies to central corporations with Audit Boards. State corporations are covered under section (e) introduced at the end of this regulation and detailed in subsequent regulations.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Regulation 108 — Audit Regulations 2020

Original Rule Text

What This Means

Key Points

Practical Example

Frequently Asked Questions

Related Rules