Tag: audit

Chief Secretary Calls For Third-Party Audit Of JK Minerals To Boost Its Performance, Generate Employment

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SRINAGAR: Chief Secretary, Dr Arun Kumar Mehta while chairing the 175th board meeting of Jammu and Kashmir Minerals Ltd, emphasised over the need for a third-party audit to evaluate the performance of the corporation’s mines.
He stated that the audit would assess whether the mines are operating at their optimal condition and determine if there is potential to generate more employment within these mining facilities.
Dr Mehta also called for the development of a mining plan, with expert consultation, to increase the output of the Kalakote coal mines.
The Chief Secretary urged upon the Corporation that all of their activities should aim at boosting the economy of Jammu & Kashmir. He commended the corporation’s financial records over the past three years and suggested holding quarterly meetings for better coordination and implementation of decisions.
During the meeting, the Board unanimously agreed that in order to avail the funding under NMET (National Mineral Exploration Trust), J&K Minerals Limited shall surrender the Lease Hold Rights of Sapphire Mine so that Ministry of Mines can take up the work.
Furthermore, the Board approved e-Auction of rough sapphire to promote transparency.
The Board members in attendance included Secretary Planning Development & Monitoring, Dr Raghav Langer; Secretary Mining, Amit Sharma; Director, Geology & Mining, OP Bhagat; Managing Director, JKML, Vikram Gupta; DG Codes, SL Pandita besides officers from other concerned Departments

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#Chief #Secretary #Calls #ThirdParty #Audit #Minerals #Boost #Performance #Generate #Employment
( With inputs from : kashmirlife.net )

April 18, 2023
Chief Secretary calls for third-party audit of JK Minerals to boost its performance, generate employment

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Jammu, April 18 (GNS): Chief Secretary, Dr Arun Kumar Mehta today chaired 175th board meeting of Jammu & Kashmir Minerals Ltd.
During the meeting, the Chief Secretary emphasised over the need for a third-party audit to evaluate the performance of the corporation’s mines. He stated that the audit would assess whether the mines are operating at their optimal condition and determine if there is potential to generate more employment within these mining facilities.
Dr Mehta also called for the development of a mining plan, with expert consultation, to increase the output of the Kalakote coal mines.
The Chief Secretary urged upon the Corporation that all of their activities should aim at boosting the economy of Jammu & Kashmir. He commended the corporation’s financial records over the past three years and suggested holding quarterly meetings for better coordination and implementation of decisions.
During the meeting, the Board unanimously agreed that in order to avail the funding under NMET (National Mineral Exploration Trust), J&K Minerals Limited shall surrender the Lease Hold Rights of Sapphire Mine so that Ministry of Mines can take up the work.
Furthermore, the Board approved e-Auction of rough sapphire to promote transparency .
The Board members in attendance included Secretary Planning Development & Monitoring, Dr Raghav Langer; Secretary Mining, Amit Sharma; Director, Geology & Mining, OP Bhagat; Managing Director, JKML, Vikram Gupta; DG Codes, SL Pandita besides officers from other concerned Departments.(GNS)

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#Chief #Secretary #calls #thirdparty #audit #Minerals #boost #performance #generate #employment
( With inputs from : thegnskashmir.com )

April 18, 2023
JK Govt Conducts Social Audit Of Works In 4291 Panchayats

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SRINAGAR: On April 4, the government of Jammu and Kashmir announced that it has successfully conducted a social audit of works in all 4291 Gram Panchayats in the union territory, aimed at improving transparency and accountability in the implementation of various schemes and programs. This accomplishment was made possible thanks to the unwavering support of Commissioner Secretary RD&PR, Mandeep Kaur, and the tireless efforts of District Resource Persons (DRPs), Block Resource Persons (BRPs), Programme officers (POs), and SHG members from NRLM as Village Resource Persons (VRPs).
The field team, which included DRPs, BRPs/POs, and VRPs, played a crucial role in the success of these social audits by providing technical support and assistance to the community members and the department. The DRPs and BRPs, with their in-depth knowledge of local context and government schemes and programs, helped verify the records and documents related to the schemes and provided vital inputs.
The VRPs, on the other hand, acted as a bridge between the community members and the social audit team, and helped identify the issues and difficulties faced by the local inhabitants.
It’s worth mentioning that the department has also expanded the scope of social audits in the UT by including SBM (G) and PMAY (G) from March 1, 2023, and additional schemes of RDD and other departments are expected to be brought within its purview soon.

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#Govt #Conducts #Social #Audit #Works #Panchayats
( With inputs from : kashmirlife.net )

April 4, 2023
CAG Highlights Lack Of Adequate Response Of Government Departments To Audit In JK

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SRINAGAR: Comptroller and Auditor General (CAG) of India has highlighted lack of adequate response of the government departments to audit.
“Principal Accountant General (Audit), Jammu and Kashmir, conducts audit of Government Departments to check for compliance to rules and regulations in transactions and to verify the regularity in maintenance of important accounting and other records as per the prescribed rules and procedures,” the CAG said in its latest report.
After these audits, the CAG said, Inspection Reports (IRs) are issued to the Heads of Offices inspected with copies to the next higher authorities.
“Important irregularities and other points detected during inspection, which are not settled on the spot, find place in IRs. Serious irregularities are brought to the notice of the Government by the Office of the PAG (Principal Accountant General),” the audit body said.
For speedy settlement of audit observations and inspection reports, the Jammu and Kashmir Budget manual provides for prompt response by the Executive to IRs issued by the Principal Accountant General (Audit) to ensure remedial and rectification action.
The auditee offices and their controlling Administrative Departments are required to comply with the observations contained in the IRs and rectify the defects and report their compliance to the Principal Accountant General (Audit).
“The pendency of large number of paragraphs indicates lack of adequate response of the Government Departments to Audit,” the CAG said, adding, “The Government may look into this matter and revamp the system to ensure proper response to the audit observations from the Departments in a time-bound manner.”
Three Audit Committee Meetings (ACMs) were held in Revenue Sector settling six Inspection Reports and 83 outstanding paragraphs with a money value of Rs 6.60 crore. Similarly, during the period 2020-21, four Audit Committee meetings were held in Social, General and Economic Sectors in which 101 Audit paras were settled.

“It is recommended that Government should ensure that a procedure is put in place for action against officials failing to send replies to IRs/ paragraphs as per the prescribed time schedule and recovery of losses/ outstanding advances/ overpayments, etc., in a time-bound manner” The CAG has also recommended holding at least one meeting of each Audit Committee every quarter. (GNS)

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#CAG #Highlights #Lack #Adequate #Response #Government #Departments #Audit
( With inputs from : kashmirlife.net )

March 29, 2023
Gender Audit Workshop Wraps Up At GCE Srinagar

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by Insha Shirazi
SRINAGAR: The Institute of Advanced Studies in Education (IASE) M A Road Srinagar recently hosted a two-day workshop titled “Gender Audits Crafting an Ecosystem of Equality” in partnership with Women in Security Conflict and Peace Management (WISCOMP). The opening session was inaugurated by the Director of Higher Education, UT of Jammu and Kashmir, Prof. Dr. Yasmeen Ashai, along with other guests from WISCOMP, Delhi, and marked by the lighting of the Isband. Additionally, a musical prayer was recited by a group of college students who are also members of the College Culture Committee.
During the workshop, the program coordinator, Prof. Rubeena Jabeen, highlighted the significance of gender equality in achieving the Sustainable Development Goals. She stressed that it’s not just about women, but also involves men, and that women’s participation in decision-making is crucial for ensuring positive outcomes. Prof. Jabeen also emphasized the importance of gender audits in financial allocations, emphasizing their role in promoting equal opportunities for all genders.
In the two-day workshop, the keynote lecture was delivered by Dr. Meenakshi Gopinath, who is the founder and director of WISCOMP. She focused on women-led development and the role of the G-20 in promoting gender equality. Dr. Gopinath also commended the college for its significant progress in terms of quality, enthusiasm, and energy in recent years.
Meanwhile, the chief guest, Prof. Dr. Yasmeen Ashai, emphasized that gender disparity is a social construct that can be changed by teaching children to become responsible and contributing members of society. She urged for a shift in attitudes towards gender inequality and stressed the importance of collaboration between men and women, especially in societies where gender disparities exist at various levels. WISCOMP’s team organizes the two-day program and works on addressing these challenges nationwide.
On the second day of the workshop, the Vice Chancellor of the University of Kashmir, Prof. Dr. Neelofar Khan, graced the event as the chief guest during the validation session. Dr. Seema Naz, the principal of the government college of education, presented her with a memento. Several guests from different Kashmiri colleges also attended the workshop and some of them presented papers related to the theme.
During the program, Dr. Neelofar delivered a lecture and highlighted the importance of gender sensitization, commending the college’s positive efforts towards this crucial issue. She also expressed her appreciation for the college and praised Prof. Seema Naz for maintaining high standards. At the conclusion of the event, certificates were distributed to the paper presenters.

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#Gender #Audit #Workshop #Wraps #GCE #Srinagar
( With inputs from : kashmirlife.net )

March 18, 2023
Buttigieg ‘glad’ for federal audit on his use of government planes

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DOT said in December that the 18 flights Fox News highlighted — to destinations that included Las Vegas, Montreal and Oklahoma — cost taxpayers just under $42,000. The audit was originally requested by Sen. Marco Rubio (R-Fla.) who has since called for Buttigieg’s resignation over his handling of the train derailment in East Palestine, Ohio.
Any government official can use the fleet, if they can demonstrate to the satisfaction of the agency’s ethics department that the flights will be more cost-effective than flying commercial, or for security or scheduling reasons. FEMA officials and National Transportation Safety Board accident investigators are typically frequent users of the planes, and it is not unusual for top DOT and FAA officials, as well as the heads of other agencies, to use them when warranted.
In 2018, POLITICO reported that former DOT Secretary Elaine Chao took the same FAA-owned planes on seven trips, costing taxpayers an estimated $93,977, including a $68,892 trip to and around Europe for her and five staffers.
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#Buttigieg #glad #federal #audit #government #planes
( With inputs from : www.politico.com )

February 28, 2023
Special audit report of BGSBU reveals financial irregularities, violation of procurement norms

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Srinagar, Feb 18: A special audit report of the Jammu and Kashmir government regarding Baba Ghulam Shah Badshah University (BGSBU) Rajouri, has pointed out large-scale financial irregularities and violation of norms on account of procurements made by the university.
According to the Special Audit Report of Directorate of Audit and Inspections, sent to Higher Education Department, J&K Government, a copy of which is with news agency—Kashmir News Observer (KNO), has made several observations and recommendations in respect of working of the University based on the examination of records.
While taking review of the establishment section of the University, the Audit team observed that service records of employees were not being maintained and updated as per the prescribed procedures.
“It has also been observed that some of the important positions of the University are being manned by the re-employed teachers working in the University in contrary to the UGC model guidelines for re-employment,” the Audit report reads, adding that a superannuated re-employed teacher shall not be eligible for holding administrative or financial responsibilities at the institution or elsewhere.
The Audit has revealed that Prof Parvez Iqbal, Retired Faculty Dean Academic affairs and co-ordinator of TEQIP-III after attaining superannuation on June 30 of 2018 is still holding various administrative and financial powers.
“Assignment of financial powers to superannuated re-employed officers is fraught with risks in view of lack of accountability, absence of deterrence of the service codes or any mechanism for recovery in case of loss, fraud or embezzlement,” the audit report has observed.
The Audit report has also raised queries over management of Welfare Fund being utilised by the University authorities saying that the payments out of the welfare fund were released and sanctioned as “Grant-in-Aid” to the employees who are suffering from serious illness.
“However, no specific guidelines in respect of payments from the welfare fund have been laid down by the University and thus the payments made out of the Fund could not be verified in absence of specific guidelines,” it reads.

The Audit has also revealed that welfare fund @ Rs.100 per employee is being deducted from the salaries and is credited into a separate bank account no.894 in JK Bank BGSBU as Welfare Fund Account.
The Audit report has observed that some of the purchases were made by the University during the period under enquiry in contravention to the codal provisions.
“For the procurement of 200 student desks, the supply order issued to the firm is that of steel desk and the survey committee also submitted its report that goods so purchased are as per the quantity and specifications mentioned in the supply order. But the bill of payment provided by the supplier indicates that the desks are made of wood instead of steel which is contrary to the terms and conditions of the supply order and grave financial malfeasance, causing loss to the Exchequer,” it reads.
The Audit report has also revealed that the multi-media projector and projection screen have been purchased in contravention of the norms. “The maker of the product so procured has not been mentioned either in the supply order or in the bills of payment,” it reads—(KNO)
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#Special #audit #report #BGSBU #reveals #financial #irregularities #violation #procurement #norms
( With inputs from : roshankashmir.net )

February 19, 2023
Adani appoints Grant Thornton for audit to come clean on Hindenburg allegations

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New Delhi: Embattled Adani group has appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators.
Sources said that the audit is primarily to show regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and it is in compliance with relevant laws.
The audit will specifically look into if there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for.
The audit, they said, would go a long way to show that the books are healthy and project executions are on track – something that the investors are keenly watching given the damage to market value that the Hindenburg report has caused.
As the run on its shares continued, Adani Group had on Monday attempted to calm the market, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders.
Market value of the group’s seven listed companies has halved since the January 24 report by the US-based short-seller Hindenburg Research alleged that Adani pulled “the largest con in corporate history” using offshore tax havens and stock manipulation.
The group has denied all allegations, calling them “malicious”, “baseless” and a “calculated attack on India”. It called Hindenburg the “Madoffs of Manhattan”, referring to the late financier and fraudster Bernie Madoff.
“Balance sheet of each of our independent portfolio companies is very healthy,” the group spokesperson had said. “We have industry leading development capabilities, strong corporate governance, secure assets, strong cash flows, and our business plan is fully funded.”

The group debunked reports of a cut in growth goal and capex. Projects may be delayed but none is shelved or deferred and plans for expansion of solar, green hydrogen and airports were on track.
“Once the current market stabilizes, each entity will review its own capital market strategy, be rest assured, we are confident in the continued ability of our portfolio to deliver superior returns to shareholders,” the spokesperson added.
The Adani crisis has sparked worries of financial contagion in India and ability to carry on infrastructure projects.
Last week, French oil major TotalEnergies said it would wait for the result of an independent audit before proceeding with investing in Adani Group’s USD 50 billion plans to make green hydrogen.
According to Bernstein Research, Adani Green is capable of paying off all its debt of Rs 22,000 crore due in the financial year ending in March 2025, if it divests some renewable energy assets, seeks fresh equity capital from existing investors, or cancels some planned projects and avoids bidding for new ones.
The spokesperson, however, termed questions over the group’s ability to fund projects and refinance debt as ‘unfounded speculation’.
Last week, Moody’s Investors Service downgraded the ratings outlook for four Adani group companies to negative from stable, while index provider MSCI said it would cut the weightage of some of its stocks in its indices.
Finance Minister Nirmala Sitharaman on Saturday said the country’s regulators are very experienced and are seized of the matter relating to the Adani Group crisis.
“India’s regulators are very, very experienced and they are experts in their domain. The regulators are seized of this matter and they are on their toes as always, not just now,” she had said.
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#Adani #appoints #Grant #Thornton #audit #clean #Hindenburg #allegations
( With inputs from www.siasat.com )

February 14, 2023
Dems ask watchdog to investigate IRS’s tardy audit of Trump

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The committee Democrats want the GAO to probe why the IRS didn’t ask Treasury or Congress for more resources if the agency was struggling to fully audit Trump’s voluminous returns.
The lawmakers also ask in their letter what administrative actions the IRS and Treasury could take and what laws Congress could consider passing to protect the program from potential meddling.
“Members of Congress need further information related to the failures to conduct presidential audits during the Trump Administration to ensure that, as elected representatives, we are adequately equipped to assess and address the integrity and continued function of the presidential audit program, as well as necessary improvements to the program,” they wrote.
The questions follow the release of a report in December describing how a single agent at the IRS was assigned to audit Trump and none of the described audits were completed before the former president left the White House. An internal IRS memo dug up by the Ways and Means Committee said it was impossible to examine the more than 400 pass-through entities reported by Trump with existing agency resources.
The subsequent release of six years of Trump’s returns included more than 2,700 pages of a complex array of sole proprietorships and income flowing from foreign countries.
Democrats are eager to keep the issue in the spotlight as Trump mounts another bid for the presidency.
Republicans have countered that Democrats cherrypicked information from the audit files of the former president and that they didn’t see anything out of the ordinary in Trump’s tax returns.
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#Dems #watchdog #investigate #IRSs #tardy #audit #Trump
( With inputs from : www.politico.com )

January 23, 2023