CAG

Know your Empanelment/ Audit Allotment Status with CAG

CA, CS, CMA - A CA firm who applied for empanelment with CAG for Financial Year 2012-13 can check the status of his Empanelment & Audit work allotted by following the procedure given below :- ...

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GST on Audit Services by CAG to Ports

CA, CS, CMA - CAG is one of the pivotal offices in the Government of India who controls the entire financial system of the country. The appointment of CAG is done by President of India under Article 148.  President of India is the Executive head of the Union of India.  Audit is conducted by CAG under section 18 of the Comptroller & Auditor General’...

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How to do Follow up of CAG Report- Department Guide

CA, CS, CMA - In this series, one of the important areas covered is CAG Reports. There is a general tendency to look at CAG Report as an additional burden but we have to understand that the CAG Report gives lots of insights in the functioning of the department and gives pointers to improve the system. ...

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Payment of tax by certain companies U/s. 115JB- CAG Report

CA, CS, CMA - Several companies that were having large profit from business and distributing substantial portion of the income to their shareholders as dividend, were reducing their tax liability by availing various deductions and exemptions available in the Act. ...

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Extend date for CAG empanelment of Chartered Accountant firms

CA, CS, CMA - The empanelment process of Chartered Accountant firms (firm) and Limited Liability Partnership firm (LLP) for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2016-17. The desired firms were allowed to fill the online forms till 15th February 2016....

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Summary of CAG Audit Report on Assessment of Co-op Societies & Banks

CA, CS, CMA - Performance Audit Report No. 16 of The Comptroller & Auditor General of India on ‘Assessment of Co-operative Societies and Co-operative Banks’ was laid on the floor of the Parliament here today. The PA was carried out from March 2019 to September 2019 and findings were discussed with the Central Board of Direct Taxes (CBDT) in July 20...

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CAG report on Compliance Audit (Department of Revenue- Customs)

CA, CS, CMA - The Compliance Audit Report No. 17 of 2020 of the Comptroller and Auditor General of India on Department of Revenue - Customs and Director General of Foreign Trade under Ministry of Commerce and Industry, for the year ended 31 March 2019 was presented in Parliament here today....

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CAG reports deficiencies in GST Refund, Returns & E-Way Bill module

CA, CS, CMA - Absence of adequate controls, risk of claiming refund on unverified ITC and deficiencies in integration of GST Portal with the Indian Customs EDI Systems (ICES) application for IGST refund on export of goods resulted in following deficiencies in Refund module:...

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CAG finds 192 cr of unauthorised payment of idle salary etc in J&K

CA, CS, CMA - Part-I comprising of Chapters-1 and 2, covers audit findings of eight Government departments and contains nine paragraphs involving Rs. 192.47 crore relating to Management of Bank accounts, unfruitful expenditure, unauthorised payment of idle salary etc....

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CAG extends last date for online empanelment application

CA, CS, CMA - Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2021-22...

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Most TP Audit Report by CAs unreliable with pathetic professional work

Wrigley India Pvt Ltd Vs ACIT (ITAT Delhi) - It seems CAs are under attack from all parts of the world for good or not so good reasons. Recently CAG in its report Criticised CAs for alleged Mistakes in Tax Audit Report and signing of Tax Audit Reports more than the prescribed limit....

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CAG’s Appointment – Delhi High Court Judgment

N Gopalaswami &ORS Vs The Union of India & ANR (Delhi High Court) - The Delhi High Court has dismissed two writ petitions filed by N.Gopalaswami (Former CEC) & others and Manohar Lal Sharma, Advocate challenging the appointment of Shri Shashi Kant Sharma as CAG of India made in May 2013...

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CAG can audit Pvt. Companies if Govt Revenue is in question

Association of Unified Telecom Service Providers of India Versus Union of India & Others (Delhi High Court) - The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India...

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Regulations on Audit and Accounts (Amendments) 2020

F. No. 11-PPG/2020 - (20/08/2020) - (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date of issue....

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Notice for abandonment of Trademark Applications

Public Notice No. CG Office/TMR/Public Notice/2016 - (04/04/2016) - This office has taken steps to treat the applications as abandoned in which no reply to examination report containing office objections to acceptance of the applications for registration has been received within the period of 30 days as per Trade Marks Act, 1999 and rules made thereunder. It is pert...

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CAG Circular regarding PSU audit guidelines

CAG office circular No.134-CA-IV/42-2001(III) - (15/04/2010) - Whether the Company has been listed on the stock exchanges? If yes, the names of the stock exchanges may please be indicated? If so, whether the provisions of listing agreement of SEBI are being followed by the Company? (2) Whether the Company has 50% independent directors on their Board as requi...

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Recent Posts in "CAG"

Summary of CAG Audit Report on Assessment of Co-op Societies & Banks

Performance Audit Report No. 16 of The Comptroller & Auditor General of India on ‘Assessment of Co-operative Societies and Co-operative Banks’ was laid on the floor of the Parliament here today. The PA was carried out from March 2019 to September 2019 and findings were discussed with the Central Board of Direct Taxes (CBDT) in July 20...

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Posted Under: CA, CS, CMA |

CAG report on Compliance Audit (Department of Revenue- Customs)

The Compliance Audit Report No. 17 of 2020 of the Comptroller and Auditor General of India on Department of Revenue - Customs and Director General of Foreign Trade under Ministry of Commerce and Industry, for the year ended 31 March 2019 was presented in Parliament here today....

Read More
Posted Under: CA, CS, CMA |

CAG reports deficiencies in GST Refund, Returns & E-Way Bill module

Absence of adequate controls, risk of claiming refund on unverified ITC and deficiencies in integration of GST Portal with the Indian Customs EDI Systems (ICES) application for IGST refund on export of goods resulted in following deficiencies in Refund module:...

Read More
Posted Under: CA, CS, CMA |

CAG finds 192 cr of unauthorised payment of idle salary etc in J&K

Part-I comprising of Chapters-1 and 2, covers audit findings of eight Government departments and contains nine paragraphs involving Rs. 192.47 crore relating to Management of Bank accounts, unfruitful expenditure, unauthorised payment of idle salary etc....

Read More
Posted Under: CA, CS, CMA |

CAG extends last date for online empanelment application

Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2021-22...

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Posted Under: CA, CS, CMA |

CAG may soon appoint 10811 Accountants and Auditors

CAG has issued two draft notifications by which it has proposed to appoint 10,811 new auditors.  It has invited comments on the proposed Recruitment Rules to the post of Auditor/ Accountant, Level 5 in pay matrix. Proposed draft rule proposed appointment of  6409 Auditors vide Draft Indian Audit and Accounts Department (Auditor) Recruit...

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Posted Under: CA, CS, CMA |

CAG Empanelment of CA firms/LLPs for year 2021-22

Online Applications are invited from CA firms/LLPs on the website www.cag.gov.in from 1 January 2021 to 15 February 2021 for CAG empanelment for the purpose of appointment as auditors of Government Companies/Corporations for the year 2021-22. Empanelment of Chartered Accountant firms/LLPs with the O/o C&AG of India for the year 2021-2...

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Posted Under: CA, CS, CMA |

Know your Empanelment/ Audit Allotment Status with CAG

A CA firm who applied for empanelment with CAG for Financial Year 2012-13 can check the status of his Empanelment & Audit work allotted by following the procedure given below :- ...

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Summary of Performance Audit on MEIS and SEIS

This report contains significant results of the performance audit on Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS), which was conducted to seek an assurance on the success of facilitation measures introduced for simplifying the process of issuance of scrips and to examine effective linkage of ru...

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Posted Under: CA, CS, CMA |

Summary of Performance Audit on Income tax Search & Seizure Assessments

Report No.14 of 2020 – Performance Audit on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue – Direct Taxes Search and Seizure is a very powerful tool available to Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion thereb...

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Posted Under: CA, CS, CMA |

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