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Fundamentals of Auditing by S. K. Basu

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Chapter 14

Audit of the Accounts of Governments and Public Sector Undertakings

14.1 INTRODUCTION

The audit of government accounts and the accounts of public sector undertakings has a special significance and importance in view of the public accountability of government and innumerable transactions involving large sums of public money. Government audit is totally different from audit of commercial firms and the audit of public sector undertakings, but has the features of both commercial audit and government audit.

14.2 AUDIT OF PUBLIC SECTOR UNDERTAKINGS

Special statutes have set up several public sector undertakings. In many of such undertakings, the Comptroller and Auditor General of India (CAG) has to conduct statutory audit. In some of the ...

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