Audit Certificate
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We have audited the attached Balance Sheet of Karnataka Electricity Regulatory Commission as at 31st March 2005 and the Receipt and Payment Account/Income and Expenditure Account for the year ended on that date annexed thereto under Section 19(2)of The C&AG’s (DPC)Act, 1971 and under Rule 32 of the Karnataka Electricity Regulatory Commission(Accounting) Regulations 2000 (dealing with Annual Accounts of Regulatory Commission) The financial statements are the responsibility of the Commission’s management. Our Responsibility is to express an opinion on the financial statements bad on our audit.
We have conducted our audit in accordance with applicable rules and the auditing standards generally accepted in India. The Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes asssing the accounting principles ud and significant estimates made by managements as well as evaluating the overall prentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.
Bad on our audit, we report that:湛江森林公园
i)We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpos of our
audit.;
ii)The Balance Sheet and Receipt and Payment Account/Income and Expenditure Account dealt with in this report have been drawn up in
the format approved by the Government of Karnataka under Rule 19 of
KERC(Accounting) Regulations 2000.
iii)Subject to our major obrvations given below and detailed obrvations in the Separate Audit Report annexed herewith, we report that the
Balance Sheet and the Receipt and Payment Account/Income and
Expenditure Account dealt with by this report are in agreement with the
books of accounts.
1.Non-updation of the Fixed Asts Register
2. Physical verification of asts not carried out
3. Accounting of revenue and capital expenditure on cash basis.instead of on accrual basis
iv) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Receipt & Payment Account/Income & Expenditure Account read together with the Accounting Policies and Notes thereon and subject/due to the significant matters stated above and other matters mentioned in the Separate Audit Report annexed herewith give a true and fair view.
a.In so far as it relates to the Balance Sheet of the state of affairs of the
Commission as at 31st March 2005 and
b.In so far as it relates to the Receipt and Payment Account/Income and
Expenditure Account of the deficit for the year ended on that date.
(K.P. LAKSHMANA.RAO)
PRINCIPAL ACCOUNTANT GENERAL (C&CA)
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KARNATAKA, BANGALORE Place:Bangalore植物浇水
Date: 02.12.2005
AUDIT REPORT ON THE ACCOUNTS OF THE KARNATAKA ELECTRICITY REGULATORY COMMISSION FOR THE YEAR 2004-05.
1. INTRODUCTORY:
The Karnataka Electricity Regulatory Commission was constituted on 28 August 1999 under the Karnataka Electricity Reforms Act, 1999 (Act) to provide for the restructuring of the electricity industry in the State, the corporatisation of the Karnataka Electricity Board and rationalization of generation, transmission, distribution and supply of electricity in the State.
The accounts of the Commission for the year ended 31 March 2005 were audited under item no.1(ii) of the Schedule to the Act.
2. ORGANISATIONAL SETUP :
The Karnataka Electricity Regulatory Commission is headed by the Chairman. Chairman and two other members were appointed by the Government of Karnataka in exerci of the powers conferred by sub-ction(2) of ction 3 of the Act. The Government of Karnataka also appointed a Secretary to the Commission who is the Principal Officer of the Commission.
3. OBJECTIVES :
The main objectives of the Commission are:
< regulate the purcha, distribution, supply and utilization of electricity, the
quality of rvice, the tariff and charges payable;
< promote efficiency and safety in the u of the electricity in the State, the
efficient utilization and conrvation of energy, appropriate demand s ide management and reduction of wastes and loss in the u of electricity;
女皇帝武则天< issue licen in accordance with the provisions of the Act and determine the
conditions to be included in the licen;
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< regulate the working of the licenes and to promote their working in an
efficient, economical and equitable manner;
< regulate the asts, properties and interest in properties concerning or related to
the electricity industry in the State;
< aid and advice in matters concerning electricity generation, transmission,
distribution and supply in the State;
< promote competitiveness and progressively involve the participation of private
ctor, while ensuring fair deal to the customers;
< t appropriate codes of conduct and standards for the electricity industry in the
State and standards of rvice to the consumers by licenes;
< arbitrate or to nominate arbitrator(s) in matters of disputes and difference
between licenes in accordance with the provisions of this Act;
4.WORKING RESULTS:
The commission received Rs. 1.96 crore as grants during the year 2004-05 as against Rs. 1.95 crore in 2003-04. The operation of the commission resulted in an excess of expenditure over income of Rs.11.68 lakh in 2004-05 as against Rs.56.26 lakh in 2003-04.
5MENTS ON ACCOUNTS :
The Accounts of the Commission were revid bad on the obrvations of Audit which resulted in decrea of excess of expenditure over income by Rs.0.07 lakh. The following are the further comments O n the revid accounts.
A. BALANCE SHEET
FIXED ASSETS :
- A reference is invited to comment no.5A(I) on the accounts for 2003-04 The Commission had not updated fixed asts register with the required details so far .The physical verification of the as
ts for the year 2004-05 has also not been conducted as per chapter VIII of KERC (Accounting) Regulations 2000.
B . INCOME AND EXPENDITURE :
Reference is invited to comment no. 5 B on the accounts for 2003-04.In the significant Accounting policy No.5 it is mentioned that , revenue and capital expenditure are accounted on cash basis . The accounting policy adopted by the Commission is not in line with the generally accepted accounting principles of accounting the expenditure and income on accrual basis. This has resulted in :
(i)under statement of Expenditure and Current Liabilities by Rs. 3.64 lakh due
to non provision of the expenditure relating to the current year (ii)overstatement of Insurance by Rs. 0.28 lakh due to accountal of prepaid expenditure for 2005-06 as expenditure for the current year.
Conquently the excess of expenditure over income has been under stated
by Rs 3.36 lakh..
( K. P. LAKSHMANA. RAO )
PR. ACCOUNTANT GENERAL (C & CA)
KARNATAKA, BANGALORE
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