The Comptroller and Auditor General (CAG) of India has expressed concern over non-submission of financial statements by a majority of State public sector undertakings. It said that irregularities and deficiencies in the financial reports, observed during supplementary audit that were not material, were communicated to the management of 10 PSUs through “management letters” for corrective action.
The CAG said of the total 66 working PSUs, financial statements for the year 2020-21 were received only from seven in time. As many as 59 PSUs defaulted on timely submission of accounts. Of these, accounts of 36 PSUs were due for more than three years and 16 PSUs had not even submitted their first accounts since inception.
As a result of the CAG audit, statutory auditors of seven PSUs revised their audit report. In addition, significant comments highlighting inaccuracies in financial statements impacting profitability by ₹302.03 crore and assets/liabilities by ₹6,047.46 crore were issued.
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