Khanday reviews status of audit of PSUs

Excelsior Correspondent

JAMMU, Apr, 25: Principal Secretary, Finance Iqbal Khanday today chaired the 2nd Annual Review Meeting of Statutory Audit to review the status of audit of State Public Sector Undertakings.
Addressing the meeting, the Principal Secretary directed the concerned for clearing the backlog of audits by end of December, 2012, adding that no extension would be granted in any case. He asked to take up the current audit of 2010-11 in hand and complete it at the earliest so that further time do not lost in compilation at the time of audition of accounts of previous year. He said the policy would be followed for the financial years for which the audit process has not been taken up so far.
He said that the meetings of the Board of Directors of the Corporations should be held at least quarterly. The annual return for the financial year for which the audit accounts have been adopted at the AGM should be filed with the Registrar of Companies within prescribed time period of two months, he said. The audited and adopted annual reports should also be forwarded to the concerned Administrative Departments for being placed before the State Legislature.
Among others, Directors, Managing Directors, auditors and representatives from J&K Power Development Corporation, J&K Tourism Development Corporation, J&K Project Development Corporation, J&K Industries Limited, J&K Horticulture Produce & Development Corporation, J&K SC,ST & OBC Development Corporation, J&K Cements Limited, J&K Handicraft (S&E) Corporation Limited, J&K SIDCO, J&K Handloom Development Corporation, J&K SICOP and J&K Women Development Corporation attended the meeting.