Kerala

Present audit reports before general body meet: Minister

Industries Minister P. Rajeeve has directed all public sector units (PSUs) in the State to present their audit reports at the annual general body meetings and get it approved.

He was speaking at a meeting convened here on Friday to assess the current performance of various PSUs based on their annual reports and the general state of the units which have still not submitted their reports.

Mr. Rajeeve said that salaries of the managing directors and heads of the finance wings of the institutions which did not complete auditing in a time-bound manner would be withheld from April 2022 onwards.

The meeting decided to strictly implement the decisions taken at a meeting chaired by the Chief Secretary last year, which had recommended stringent measures against officials of institutions which are not regular in their auditing process.

On Friday, a separate analysis was conducted on the performance of 11 PSUs which failed to submit their audit reports in the past three years. The department is of the view that timely and constant auditing is required for the smooth functioning of the PSUs, and any laxity in this regard on the part of the heads of these institutions will be taken seriously.

The Minister asked the Principal Secretary (Industries Department) to bring to the attention of the Accountant General, the complaints of auditing in some institutions not happening as scheduled due to the non cooperation of statutory auditors.

The directors of PSUs have been asked to ensure that the audit reports are presented and approved at the annual general body meetings. The income and expenditure figures of all PSUs have to be tabulated every month and approved by the managing director and the heads of the finance wings. The meeting also decided to implement a system of preparing annual provisional accounts.


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Printable version | May 19, 2022 9:06:23 am | https://www.thehindu.com/news/national/kerala/present-audit-reports-before-general-body-meet-minister/article38340410.ece