The Institute of Chartered Accountants of India (ICAI) has expressed concern over the inordinate delay in the audit of the accounts of many of the State-owned enterprises which might result in financial mismanagement. The aspect will be brought to the notice of the State government at the two-day Southern Regional Conference of the Institute of Chartered Accountants of India from November 27.
Babu Abraham Kallivayalil, Chairman of the Southern India Regional Council of the Institute of Chartered Accountants of India, said at a press conference here that the State government should take immediate steps to ensure time-bound statutory audit of public sector undertakings.
The audited statements are to be placed before the State legislature within six months from the end of the financial year, as per statute, but the practice is grossly neglected, he said.
The conference is being held at Jawaharlal Nehru International Stadium, Kaloor. Union Finance Minister Pranab Mukherjee, Defence Minister A.K. Antony, Overseas Indian Affairs Minister Vayalar Ravi and Minister of State for Agriculture K.V. Thomas are expected to address the conference.
Amarjit Chopra, president of the Institute of Chartered Accountants of India, will preside over the Inaugural session. S.S.N. Murthy, Chairman of the Central Board of Direct Taxes, will be the chief guest at the valedictory session.
Nearly 5,000 Chartered Accountants from the Southern India Regional Council will participate in the conference. The regional council has 34 branches spread over Tamil Nadu, Andhra Pradesh, Karnataka and Kerala besides Union Territory of Puducherry.
The Institute has offered the services of Chartered Accountants on the Boards of Directors of Public Sector Undertaking free of remuneration if sought by the government. Institute is also willing to offer its services in the budgetary exercise of the States for better financial planning, utilisation and discipline.
V.X. Jose, member, SIRC; Vivek Krishna Govind, chairman, Ernakulam branch; and others were present at the press meet.