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INTRODUCTION

Bharat Sanchar Nigam Limited is a public sector telecommunication company in India. Bharat Sanchar Nigam Ltd.
formed in October, 2000, is World's 7th largest Telecommunications Company providing comprehensive range of telecom services in India: Wire line, CDMA mobile, GSM Mobile, Internet, Broadband, Carrier service, MPLS-VPN, VSAT, VoIP services, IN Services etc. Within a span of five years it has become one of the largest public sector unit in India. BSNL has installed Quality Telecom Network in the country and now focusing on improving it, expanding the network, introducing new telecom services with ICT applications in villages and wining customer's confidence. Today, it has about 47.3 million line basic telephone capacity, 4 million WLL capacity, 20.1 Million GSM Capacity, more than 37382 fixed exchanges, 18000 BTS, 287 Satellite Stations, 480196 Rkm of OFC Cable, 63730 Rkm of Microwave Network connecting 602 Districts, 7330 cities/towns and 5.5 Lakhs villages. It is India's largest telecommunication

company with 24% market share as on March 31, 2008. Its headquarters are at Bharat Sanchar Bhawan, Harish Chandra Mathur Lane, Janpath, New Delhi. It has the status of Mini Ratna, a status assigned to reputed public sector companies in India. BSNL is India's oldest and largest Communication Service Provider (CSP). Currently has a customer base of 73 million as of June 2008. It has footprints throughout India except for the

metropolitan cities of Mumbai and New Delhi which are managed by MTNL. To look for details and to collect data for my project I worked in B.S.N.L Office to gather full information about the system and working of whole region and found out the facts about various processes adopted by reliance to pay its advisors and the time period taken for this study are 2 months History[edit source | editbeta]
BSNL, then known as the Department of Telecommunications, had been a near monopoly during the socialist period of the Indian economy. During this period, BSNL was the only telecom service provider in the country. MTNL was present only in Mumbai and New Delhi. During this period BSNL operated as a typical state-run organization, inefficient, slow, bureaucratic, and heavily unionised. As a result subscribers had to wait for as long as five years to get a telephone connection. The corporation tasted competition for the first time after the liberalisation of Indian economy in 1991. Faced with stiff competition from the private telecom service providers, BSNL has subsequently tried to increase efficiencies itself. DoT veterans, however, put the onus for the sorry state of affairs on the Government policies, where in all state-owned service providers were required to function as mediums for achieving egalitarian growth across all segments of the society. The corporation (then DoT), however, failed to achieve this and India languished among the most poorly connected countries in the world. BSNL was born in 2000 after the corporatisation of DoT. The corporatisation of BSNL was undertaken by an external international consulting team consisting of a consortium of A.F.Ferguson & Co, JB Dadachanji and NM Rothschild - and was probably the most complex corporatisation exercise of its kind ever attempted anywhere because of the quantum of assets (said to be worth USD 50 Billion in terms of breakup value) and over half a million directly and indirectly employed staff. Satish Mehta, who led the team later confessed that one big mistake made by the consortium was to recommend the continuation of the state and circle based geographical units which may have killed the synergies across regions and may have actually made the organisation

less efficient than had it been a seamless national organisation. Vinod Vaish, then Chairman of the Telecom Commission made a very bold decision to promote younger talent from within the organisation to take up a leadership role and promoted the older leaders to a role in licensing rather than in managing the operations of BSNL. The efficiency of the company has since improved, however, the performance level is nowhere near the private players.[citation needed] The corporation remains heavily unionised and is comparatively slow in decision making and its implementation, which largely acts at the instances of unions without bothering about outcome. Management has been reactive to the schemes of private telecom players.[citation needed] Though it offers services at lowest tariffs, the private players continue to notch up better numbers in all areas, years after year. BSNL has been providing connections in both urban and rural areas. Pre-activated Mobile connections are available at many places across India. BSNL has also unveiled cost-effective broadband internet access plans (DataOne) targeted at homes and small businesses. At present BSNL enjoy's around 60% of market share of ISP services.[13]

Year of Broadband 2007

2007 was declared as "Year of Broadband" in India and BSNL announced plans for providing 5 million broadband connectivity by the end of 2007. BSNL upgraded Dataone connections for a speed of up to 2 Mbit/s without any extra cost. This 2 Mbit/s broadband service was provided by BSNL at a cost of just US$ 11.7 per month (as of 21 July 2008 and at a limit of 2.5GB monthly limit with 0200-0800 hrs as no charge period). Further, BSNL is rolling out new broadband services such as triple play.[citation needed] BSNL planned to increase its customer base to 108 million customers by 2010. With the frantic activity in the communication sector in India, the target appears achievable. BSNL is a pioneer of rural telephony in India. BSNL has recently bagged 80% of US$ 580 m (INR 25 billion) Rural Telephony project of Government of India.[14] On 20 March 2009 BSNL advertised the launch of BlackBerry services across its Telecom circles in India. The corporation has also launched 3G services in select cities across the country. Presently, BSNL and MTNL are the only players to provide 3G services, as the Government of India has completed auction of 3G services for private

players. BSNL shall get 3G bandwidth at lowest bidder prices of Rs 185 billion, which includes Rs 101.86 billion for 3G and Rs 83.13 billion for BWA. As of December 2011, many other private operators have started rolling out their 3rd Generation (aka 3G) services alongside and are enjoying some success in their campaigns to get market share. While BSNL still maintains its connectivity standard and expands to many more areas including rural areas with their 3G services. Also the network infrastructure has been upgraded from to provide 3.6 Mbit/s to 7.2 MBits/sec. It is enjoying a slow but somewhat steady success in gaining market share in this regard. The introduction of MNP(Mobile Number Portability) which is an service that lets the consumer change wireless service providers while retaining their actual mobile number, BSNL has seen many customers opting for this service to move away from the services to other operators. Despite this as the Indian Wireless market grows BSNL still has a loyal base of subscribers and many more subscribers being added to it every day. This provides customer services for 95 million as of June 2011. BSNL announced the discontinuation of its telegram services from 15 July 2013, after 160 years in service. It was opened to the public in February 1855; in 2010 it was upgraded to a web-based messaging system in 2010, through 182 telegraph offices across India

Accounting Standards and Ratios

ACCOUNTING STANDARDS
If accounts is the language of business, Accounting Standards may be stated to be the grammar of that language. These established standards that are mandatorily to be complied with to ensure that financial statements are prepared in accordance with the generally accepted accounting practices and that auditors carry out their audits also accordingly. Accounting standards provide for appropriate disclosure norms to add value to the preparation of accounting statements. The need for accounting standards flows directly from the objectives of financial statements and reporting. Accounting standards address the core issue of information needs of the stakeholders in a business. Accounting standards are also an effective way of ensuring managements compliance to ethics, consistency and business transparency. It is also important to note that the Accounting Standards are supplementary to the laws of the land and do not substitute their provisions in any manner. Accounting Standards are therefore Guidelines to direct as to how the items which go to make up the financial statements should be dealt with in Accounts and presented in the Annual Accounts Norms of Accounting Policies and practices by way of codes i.e., codification of Generally accepted Accounting principles Provides a structural framework within which credible financial statements can be produced Objectives of Accounting Standards Brings about uniformity in financial reporting Ensures consistency and comparability in the data published by the enterprises Consequently enhances the Quality and the degree of dependability of the financial statements Significance of Accounting Standards Useful to investors assessing the yield and risk of alternative investments E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 3

Will raise the standards of the audit in its task or reporting on the financial statements Meaningfulness of the numbers in the accounting reports for the purpose of economic planning, market analysis etc, Confidence that user groups have in the fairness and reliability of the financial statements Accounts to comply with Accounting Standards The Companies (Amendment) Act, 1999 has prescribed this requirement by amending Section 211 annual accounts shall state: that every profit and loss accounts and balance sheet shall comply with accounting standards. It is further provided by the amendment that if there is any deviation from the prescribed standards, the 1. The fact that there has been a deviation, 2. The reason for such deviation, and 3. The financial implication of the deviation. It is further provided by the amendment that for the purposes of this section Accounting Standards means such standards of accounting recommended by the Institute of Chartered Accountants of India as may be prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards.

Ratio Analysis
FINANCIAL ANALYSIS is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and the profit and loss account. RATIO ANALYSIS is a powerful tool of financial analysis. The relationship between two accounting figures, expressed mathematically, is known as a financial ratio. Ratios help to summarise the large quantities of financial data and to make qualitative judgement about the firms financial performance. Standards of comparison: A single ratio in itself does not indicate favorable or unfavorable conditions. It should be compared with some standard. Standards of comparison may consist of: 1. Ratios calculated from the past financial statements of the same firm; 2. Ratios developed using the projected, or pro forma, financial statements of E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 5 the same firm; 3. Ratios of some selected firms, especially the most progressive and successful, at the same point of time, and 4. Ratios of the industry to which the firm belongs. Advantages of Ratio Analysis: i. Simplifies, Summarizes and Systematizes accounting figures for easy understanding; ii. Ratios helps the management in measuring things like Long-term Solvency, Operational Efficiency, etc. of the firm iii. Facilitates the understanding of financial statements showing the whole story of changes in financial conditions of business;

iv. Facilitates inter-firm comparison showing relative performance of enterprise in the industry; v. Facilitates intra-firm comparison showing the improvement/degradation in the performance of the enterprise; vi. Facilitates the Planning of Operations; vii. Facilitates in Establishing Standards; viii. Facilitates Management by Exception higher management can concentrate the area where its intervention is required; thereby making the best use of time & available resources. Limitations of Ratio Analysis: 1) Ratios has little meaning by itself; unless there exists a comparison; 2) Ratios are arithmetical expressions, so, qualitative aspects cannot be presented through ratios directly; 3) Ratios are calculated from accounting records which are subject to their own limitations. Hence, ratios are also considerably affected by limitations of accounting records; 4) Ratios are only a tool, whose best use ultimately depends upon the craftsman who uses it. So, they are only means & not end in themselves. 5) Strongly affected by manipulations of financial statements [like window dressing]; & this fact is not revealed by Ratio Analysis. 6) Factors like Inflation also strongly distort the Ratio Analysis. Classification of Ratios: E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 6 Type What it is Examples Structural Classification of Ratios: This is the Conventional mode of classifying ratios where the ratios are classified on the basis of information given in the financial statements. The classification is as follows: S. No: 1. Balance Sheet Ratios These are the ratios * Current Ratio for which the * Liquid Ratio components for * Debt Equity Ratio computation are * Proprietary Ratio drawn from the * Capital Gearing

Balance Sheet. These are called Financial Ratios. 2. Profit and Loss Account Ratios These are the ratios for which the components for computation are drawn from the Profit & Loss Account. These are called Income Statement Ratios or Operating Ratios. These are the ratios for which the components for computation are drawn both from the Balance Sheet and Profit & Loss Account. These are called Financial Ratios.

Ratio * Fixed Assets Ratio * Gross Profit Ratio * Net Profit Ratio * Operating Ratio * Stock Turnover Ratio * Expenses Ratio

3.

Inter-statement Ratios or Combined Ratios

* Return on Capital Employed [ROCE] * Return on Investments [ROI] * Debtors Turnover Ratio * Creditors Turnover Ratio * Fixed Assets Turnover Ratio * Working Capital Turnover Ratio

E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 1

Chapter-7
Auditing

IT - STATUTORY AUDIT

The different types of Audit in BSNL are: Internal audit Statutory audit CAG audit Tax audit Cost audit The above are discussed in detail in the following sections. Internal Audit This is the audit conducted internally by the management by using their own resource persons or by outsourcing chartered accountants. The area of coverage by the internal audit is defined by the management. Statutory audit This is the audit conducted by the statutory auditor appointed by the CAG under the provisions of the section 619 under company act. CAG Audit CAG also conducts its own commercial audit on the various aspects of the working of the company through its own audit wing and come up with its observations. Tax Audit Section 44 AB makes it obligatory for a company carrying on business whose turnover or gross receipts in the previous year exceeds Rs 40 lakhs to get its accounts duly verified and signed by the chartered accountant in prescribed form for the tax audit within a specified date. Cost Audit It is the audit conducted under section 233B of the companies act with a focus on the cost accounting records and other related information required to be maintained by the specific industries. The objective is to have report with independent opinion whether the cost records prescribed by the law have been maintained or not and the cost statement gives true and fair view of the cost of production. BSNL will be subject to cost audit from the current financial year onwards. Ideally the internal control system is designed to prevent any financial impropriety by the employees. The thrust is not on detection of such a happening, but to prevent it. When E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 3

implemented a proper control system automatically hints at the weakness of the major policies with respect to managing cash, receivables, discounts, investments etc. Implementation of effective system of accounting and controls deters the people from committing any act of fraud. The very fact that their actions are being monitored will prevent them from committing any such acts. Of course people inclined to steal/misappropriate will go elsewhere where they have easy access. Audit Process A typical audit process in the BSNL context can be visualized as shown in the following figure. Audit Process

OPENING MEETING : The opening meeting usually represents the first chance to meet with audit clients in a formal setting, and it often sets the tone for the rest of the engagement. Members of the audit group should plan to discuss the meaning of internal control and risk to ensure that every one shares a common understanding of these fundamental concepts. If the auditors and management differ on their interpretation of these terms, the audit is unlikely to be a success. Instead of asking about problem areas or weaknesses auditors should ask management to explain major risks they face in achieving business objectivities. Framing the discussion in this way focuses attention on challenges and opportunities for improvement rather than on how managers are performing. Auditors may want to use the word results rather than findings to describe the information to be provided. Because findings often carries a negative connotation, using this term may give the impression that the audit group intends primarily to look for deficiencies in management's work. The term results however carries a more favorable connotation and using it can help establish a positive starting point for the audit. Because managers are often pressed for time, they will likely be anxious to know how long the audit will last. Auditors should either set a firm exit meeting date or offer a target date for the conclusion of the audit. CLOSING MEETING: The closing or exit meeting represents the final chance for internal auditing to present its professionalism and presentation skills as well as an opportunity to maintain relationship with the client. Therefore there should be no surprises in the exit meetings. This is possible if all issues are discussed before the meeting begins with the executives concerned. Written material followed by discussion increases the level of understanding of any topic and can lead to more useful dialogue during the meeting. If a full draft is not available for advance distribution, auditors should instead prepare a formal list of findings both negative and positive for management's review. Effective strategies for opening and closing meetings can go a long way toward helping audits proceed smoothly. With the right approach auditors can use these meetings to maintain positive relationships wit their clients and ensure that both parties benefit from the engagement. SOME SALIENT DIRECTIONS OF C.A.G. FOR VERIFICATION & AUDIT BY STATUTORY AUDITORS [UNDER SECTION 619 (3)] I. System of Accounts In respect of the following matters, the Statutory Auditor has to offer his observations on the basis of his examination of the books of accounts of the Company. E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 8

1. Are there any important deficiencies in the accounting system for the purpose of "auditing in depth and in the manuals and other instructions laying down the detailed accounting procedures and specifying the financial powers, duties and responsibilities of the different officer?" 2. Is there an effective system of reconciliation of the books by taking out periodical Trial Balances and is the reconciliation of the bank account, control accounts and subsidiary accounts (including those pertaining to the branches and units) up-to-date? 3. Are Asset Registers kept up-to-date and reconciled with the financial books? Important cases of failure to report to the Accounts Department regarding the disposal of items of property, plant and equipment may be mentioned. 4. Is the allocation of expenditure between capital and revenue properly done during construction so that cost of an identifiable unit can be ascertained? If not, defective cases should be indicated. II. Internal Control 1. "Has a Manual outlining the scope and programme of work for the internal audit been drawn up? If so, had the programme been kept up? 2. Are you satisfied that the important points thrown up by the internal auditor have been considered by the Administration and necessary actions taken? If not, indicate the more important points on which consideration / action are outstanding. Have any drawbacks in the system of internal control been noticed? 3. Is the procedure for write off, discounts, refunds etc., adequate? Have any receipts been forgone in the shape of unusual concessions involving material amounts allowed to customers, in the term of discount, rebate, wastage etc.? If so, instances may be given indicating the amount involved." 4. Is there an adequate procedure in force for recovery of charge for materials issued in respect of major construction works? Have you noticed cases where charges for materials etc. issued have not been recovered? If so, instances may be given indicating the amount involved. 5. In what classes of cases does the company's purchasing procedure provide for the calling of the open tenders? Is the prescribed for the calling of open tenders considered adequate? Give instances exceeding Rs...... individually, if any, which have come to your notice, in the course of your audit (a) where such procedure has not been followed, and (b) where lowest tender has not been accepted though open tenders were called for. Reasons given by the management in both type of cases should be indicated. (ii) what is the purchasing procedure followed in regard to other items which open tenders are not invited, e.g. whether quotations are obtained from a panel of suppliers maintained. E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 9

6. Does the company prepare capital, revenue, budget for a financial year with the adequate details and sufficiently in advance. If so, the actual performance, in relation. III. Profit and Loss Account 1. Is the method of valuation of closing stock and work-in-progress acceptable? Defects, if any, may be indicated with any suggestions for improvement. 2. Indicate the method of depreciation adopted and your comments, if any. 3. Were there any special features in the year which have affected the results shown by Profit and Loss account substantially? IV. Balance Sheet A. Sundry Debtors 1. Mention important cases of failure to obtain confirmation of outstanding debts. 2. Mention the details of debts outstanding for more than one year in the following form: .........Govt. Departments / Others a. Debt over 1 year but less than 2 years......... b. Debts outstanding for 2 years but less than 3 years....... c. Debts outstanding for 3 years and above......... 3. Is the system of allowing credit reasonable? Are the debts vigorously pursued? B. Apparatus & Plant: Have all items of A & P costing more than Rs. .... Lakhs each was installed and commissioned? In case of Non-commissioning of such plant, what are the reasons given by the management?

Internal Audit E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only
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TRADITIONALLY 'INTERNAL AUDITING ' is considered as audit conducted on behalf of the management to ensure that (a) the existing internal controls are adequate and effective. (b) the financial and other records and reports show the results of actual operations accurately and promptly. (c) each unit of the organization follows the policies and procedures as laid down by the top management.

The internal auditor used to be engaged in routine checking of stock records, purchase invoices, cash receipts and payments, sales bills and other similar records and documents. In the modern concept, the internal audit goes far beyond the traditional limits. It is defined as " an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It should assist the members in the effective discharge of their responsibilities. Internal auditor should review the measures of safeguarding assets. They should verify the existence of assets. They should comment on economical and efficient use of resources. They should review the operations or programmes to ascertain whether results are consistent with established objectives and goals and whether the operations or programmes are being carried out as planned. RELATIONASHIP BETWEEN INTERNAL AUDITOR AND STATUTOTY AUDITOR. Both the internal auditor and the Statutory auditor examine the same set of accounting documents and carry out similar physical and other checks. They have a common interest of ensuring that an effective system of internal control exists and that the accounting system is adequate to generate true and fair financial statements. But there are some fundamental differences with regard to the status, responsibility, approach and the scope of the operations. The internal auditor is a representative of the management. The nature and scope of his operations are determined by the management and hence may differ from organization to organization. The internal auditor dies not therefore enjoy a totally detached position. E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 11

The internal auditor's approach is to report on matters vital from the point of view of management. Where as The rights and duties of the statutory auditor are defined by the company's act, 1956 which lays down details provisions which are statutory in nature. The statutory auditor is independent of the management. The statutory is primarily concerned with the truth and fairness of financial statements presented to the share holders. INTERNAL AUDIT IN THE CONTEXT OF BSNL In BSNL, the internal auditors are appointed by the corporate Office every year. Chartered Account firms are selected and their details are communicated to the circles. Constitution of internal audit party It should contain one qualified professional and four semi-qualified professionals. Semi qualified will mean only those audit staff who have not passed the final examination of CA/ICWA. Fees payable are decided and communicated by the corporate office in a graded scale depending upon the status of the office to be inspected. The fees are payable in two instalments on completion of each spell of auditing. The effectiveness of internal audit parties is to be assessed as below and the result intimated to corporate office. 1. Auditor's role in training staff in maintenance of records and effecting timely reconciliation: 1.5 points. 2. Pro- active role in effecting improvement of accounts ----------------------2.0 points. 3. Quality of report in terms of management summary and involvement of the firm in their interaction with branch auditors ----------------------------------------1.0 points. 4. Auditor's role in carrying out proprietary audit ------------------------------2.5 points 5. Rest of the items in the scope of work -----------------------------------------3.0 points. The internal audit will be done in two phases i.e. from April to Sep and Oct to March E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 12

As per the present instructions from the corporate office, the following are some of the items which should be commented upon in their report by the internal auditors: CASH: 1. Whether totals of All schedules tally with the general ledger 2. Closing balances of Broad sheet of loans and advances agrees with the trail balance. 3. Whether bank reconciliation statements are properly prepared and that they are submitted regularly on month to month basis to the corporate office. 4. There is no delay in remittance of cheques in to the bank. 5. Whether the money in the collection account is remitted promptly by the bank in to the central account. 6. Whether dishonoured cheques are promptly returned by the bank. 7. Whether the office has taken prompt action to obtain payment fresh payments. 8. Age-wise analysis of un reconciled items of bank debits and credits is given. 9. They should carry out surprise check of cash at least twice in a year.They should also comment whether cash and imprest balances are checked by the higher officers. 10. They carry out proprietary check for vouchers pertaining to temporary advances and imprest accounts. Abnormal delays in settlement of temporary advances and imprest balances are brought to the notice of the head of the office. At least 25% of cases should be test checked either by personal or verification over phone. 11. Medical bills for indoor treatment are supported by verification report by an officer. 12. Cash Book, Bank Book, Journal Book, Sub-Ledger, and general ledger are properly maintained. 13. RRS and temporary advance registers are properly maintained. 14. Service tax and other statutory dues are remitted in time. 15. Payment and realization of IUC payments. 16. Payments to DOT are made in time. INVENTORY: Whether the inventory is valued on weighted average method. Physical verification is done periodically. Stock registers are properly maintained. The status of computerization of inventory accounts should also be commented. E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 13

1. Reconciliation of closing inventory balance with trial balance. 2. Identify the obsolete and non-moving items of stores. CAPITALIZATON: 1. Whether capitalization is done on a regular basis. 2. Depreciation is calculated and accounted correctly. 3. List out CWIP cases and analyse reasons for delays in capitalization. 4. The fixed asset registers and CWIP registers are maintained. 5. There are no cases of cost over run. 6. The observations by Branch Auditors and C&AG are complied with. WORKS &PLANNING: 1. Procurement of stores has been reasonable. 2. There are no unsanctioned works/projects INTERNAL CHECK/INTERNAL AUDIT BY DEPARTMENTAL OFFICERS Main items of audit by the internal auditors of the department as indicated in corporate office letter No. 9-58/02-03/IA/BSNL dated 27.01.2003. REVENUE: 1. Whether revenue due has been billed, recovered and accounted for properly. 2. Identify the cases of non-billing and short billing. 3. Prompt disconnection of services for non-payment. 4. Reconciliation of cash accounted for vis-a- vis cash ealised as per TR records. 5. Bank reconciliation work. 6. Proper accounting of expenditure on various projects. 7. Proper exercise of delegation of financial powers. STORES: 1. Whether procurement of materials has been as per actual requirement/ demand. 2. Whether materials procured have been properly accounted for or not. 3. Identify materials not utilized and lying idle for the last two years. 4. Whether the procurements were on competitive rates and whether prescribed procedures have been followed. E1-E2 Core Rev. Date: 15-03-2011 BSNL, India For Internal Circulation Only 14

C & AG Statutory Audit 1. What are the legal provisions governing auditing of annual accounts ? 2. How the audit of government companies is carried out ? 3. What are general remarks often made in Auditors report with respect to BSNL ? 4. What do you understand by Supplementary Audit by C&AG ? 5. What are the responsibilities of Unit Officer with reference to Audit Inspect ? 6. What are the various parts of Audit Inspection Reports ? 7. Brief about Draft Audit Para . 8. What is the role of IFA with respect of Audit ?

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