Summary
Highlights
The video introduces the new Regulations on Audit and Accounts, amended in August 2020, which supersede the 2017 regulations. It emphasizes that while the year of regulations has changed, the general introduction and important definitions from the previous video remain relevant and are a necessary foundation for understanding the current amendments.
The amended regulations came into effect on August 15, 2020. This date is crucial and needs to be remembered.
A Government Company is defined under Section 2, Clause 45 of the Companies Act, 2013. This specific section number is important for legal and auditing contexts.
Statutory Auditors are individuals or firms appointed under the Companies Act, 2013, to audit the accounts of Government Companies or other companies. They are responsible for conducting audits as per the Act's provisions.
An Auditable Entity is any government body (Union, State, UT), office, authority, body, corporation, or company whose audit is conducted by the CAG. These entities are categorized into three levels: Apex Auditable Entity (highest authority, policy-makers), Audit Units (administrative and financial powers), and Implementing Units (ground-level implementers).
The CAG's audit report is a crucial document. Article 151, Clause 1 of the Constitution states that the audit report on Union Government accounts is submitted to the President, who then presents it to the Parliament. Article 151, Clause 2 details that the audit report on State Government accounts is submitted to the Governor of that state, who then presents it to the State Legislature.
Section 49 of the Union Territories Act, 1963, specifies that audit reports for Union Territories with legislative assemblies are submitted to the Administrator, who then presents them to the Territory's Legislature. Section 19 of the DPC Act states that audit reports for Government Companies or Corporations are submitted to the concerned Government.