Regulation 66 — Audit Regulations 2020
Original Rule Text
# 66. Duly adopted and audited accounts to be made available to Audit
The company shall make available the Balance Sheet and the Statement of Profit and Loss and any other statements or documents declared under the Companies Act, 2013 to be part of annual accounts duly adopted by the board of directors and audited by the statutory auditor to the Accountant General (Audit) by giving sixty days time for conducting supplementary audit and issue of comments of the Comptroller and Auditor General. Any comments given by the Comptroller and Auditor General upon, or supplement to, the
Regulations on Audit and Accounts 2020 44
audit report shall be sent by the company to every person entitled to copies of audited financial statements and also be placed before the annual general meeting of the company at the same time and in the same manner as the audit report.
What This Means
A government company must provide its board-adopted and auditor-certified annual accounts (Balance Sheet, Profit & Loss, and other statutory documents) to the Accountant General (Audit) with enough time — at least 60 days — for the CAG to conduct a supplementary audit. Any comments the CAG issues must be sent by the company to all persons entitled to receive audited accounts and must be presented at the Annual General Meeting alongside the statutory auditor's report.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Company must provide duly adopted and audited annual accounts to AG (Audit)
- 2At least 60 days must be given for CAG's supplementary audit and comments
- 3CAG comments must be sent to all persons entitled to receive audited financial statements
- 4Comments must be placed before the AGM alongside the statutory audit report
- 5This ensures shareholders and stakeholders see both the auditor's report and CAG's observations
Practical Example
ONGC's board adopts the annual financial statements on August 15. The statutory auditor's report is attached. These documents must be sent to the AG (Audit) immediately, allowing 60 days for supplementary audit. If the AGM is scheduled for September 30, the accounts should reach the AG (Audit) by August 1 at the latest. If CAG issues comments noting deficiencies in disclosure of related-party transactions, these comments are printed and distributed to all ONGC shareholders along with the audit report.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What if the company does not provide accounts in time for the 60-day window?▼
Are CAG comments binding on the company?▼
Who receives copies of CAG comments?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.