National

CAG extends deadline for applications for PSU auditor empanelment

KR Srivats New Delhi | Updated on February 16, 2021

CA/LLPs firms now submit the online applications till March 1

The Comptroller and Auditor General of India (CAG) has extended the last date for submission of online applications for empanelment of chartered accountants firms/Limited Liability Partnerships (LLPs) for audit of public sector undertakings (PSUs). The extension will also cover applications for appointment of central statutory auditors in public sector banks.

As against the earlier due date of February 15, the CA/LLP firms can now submit the online applications till March 1, the CAG has said. This is being provided as a one-time relief considering the difficulties being faced by the CA firms in submitting online applications, the government auditor has said.

Currently, all auditor appointments for PSUs are done through CAG. Those empanelled will be appointed as auditors of government companies in 2021-22. In the case of public sector banks, the CAG firms up a list of eligible CA firms (based on weights assigned to various qualifying criteria) and sends it to the Reserve Bank of India for final approval and dissemination to the banks.

India has nearly 300 Central PSUs. Even public sector companies floated by State governments will be covered under the empanelment process. The process is also used for appointment of auditors for insurance companies — both general and life insurance ones.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on February 16, 2021
public sector undertaking
CAG
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.