RBSE Class 12th 2015 Typewriting In English-SS-35-2015 Previous Year Papers

SENIOR SECONDARY EXAMINATION, 2015

TYPEWRITING IN ENGLISH

Time: 1 Hour   |   Maximum Marks: 40

No. of Questions: 3   |   No. of Printed Pages: 7

Roll No.: ____________________

GENERAL INSTRUCTIONS TO THE EXAMINEES:

1. Candidate must write first his/her Roll No. on the question paper compulsorily.
2. All the questions are compulsory.
3. Type only on one side of the paper using double space.
4. 6 marks have been reserved for the proper form and display.

SS—35—T. W. (English)   SS-6035   [ Turn over

Audit of Public Enterprises

Marks : 8  |  Display : 02  |  Total 20

In ensuring good corporate governance practices in the public sector enterprises, the regulators like the Ministry of Corporate Affairs, The Institute of Chartered Accountants of India, the Securities and Exchange Board of India, the Reserve Bank of India and Comptroller and Auditor General of India (C&AG) have specific individual as well as collective co-ordinating roles. This article highlights the process of audit of accounts of PSEs and primarily focuses on how the CAG of India as a regulator has responded to some of the challenges emerging from recent corporate governance failures in addressing issues and concerns relating to audit of public sector enterprises.

As per the provisions of the Companies Act, 1956 read with Section 9 of the Comptroller and Auditor General’s Act, 1971 and the C&AG’s Regulations 2007, the C&AG is vested with audit of the Financial Statements of all the Government Companies. In order to discharge this responsibility, he is empowered to appoint the auditors as well as issue directions to the auditors specifying the manner in which the accounts of Government companies are to be audited under Section 69 (2) and (3) of the Companies Act, 1956, keeping in view his overall responsibility of ensuring public accountability. As the Supreme Audit Institution of the country, the C&AG plays an oversight role ensuring that the statutory auditors discharge their assigned duties.

SS—35—T. W. (English) SS-6035

Responsibilities of the Auditor

The auditor is expected to perform his duties with due diligence. This includes the power to supplement or comment upon the statutory auditors' report under Section 69(4) of the Act.

Types of Audit Conducted by the C&AG

Besides Financial Audit, the Comptroller and Auditor General (C&AG) is also mandated to conduct:

• Performance Audit: An independent assessment or evaluation of an entity's programme or activity with reference to laid down goals, objectives, and targets. It takes into account relevant criteria for assessing efficiency, economy, and effectiveness of operations. This is done mainly through the Audit Board mechanism, chaired by the Deputy Comptroller and Auditor General (Commercial), with senior officers of the C&AG and two technical experts inducted as special invitees, if necessary. The main objective is to assist people's representatives in exercising effective legislative control and oversight over policy objectives and their implementation. The process involves understanding the organisation's activities, risk assessment, systems, and controls. It brings out systemic deficiencies, absence of controls or their ineffective functioning, and compliance failures. The audit probe goes into root causes and suggests constructive recommendations for improvement.
• Compliance Audit: The C&AG examines transactions relating to receipts and expenditure, assets, and liabilities of government companies and corporations to ensure compliance with all applicable laws, rules, regulations, and procedures.

Audit of Public Sector Enterprises (PSEs)

The Comptroller and Auditor General (C&AG) conducts audits of Public Sector Enterprises (PSEs) based on three interconnected and complementary frameworks:

• Financial Audit
• Performance Audit
• Compliance Audit

Through these audits, the C&AG prepares three distinct audit reports on the functioning of PSEs, commenting on their:

• State of financial affairs
• Operational efficiency
• Governance and compliance issues

These reports are placed in the Parliament. Selected reports are discussed comprehensively by the Committee on Public Sector Undertakings, which recommends remedial measures for improvement.

Financial Attestation Functions of C&AG

The entire gamut of financial attestation functions of the C&AG encompasses the following steps:

1. Appointment of Auditors by CAG
2. Issuing directions to them
3. Preparation of Financial Statements by the management
4. Audit thereof by the statutory auditors
5. Supplementary audit by C&AG

Ensuring Quality in Audit

Ensuring expected quality in financial attestation functions of PSEs has all along been a challenging task. In order to ensure quality of audit, it is imperative that competent, capable, and upright audit firms are selected for an assignment, taking into account its complexity, magnitude of operations, and volume of transactions.

The powers to appoint the statutory auditors of the Government Companies are, therefore, conferred to the C&AG vide Section 69(2) of the Companies Act, 1956 (as amended in 2000).

Type the following letter in proper form and display :

Marks : 08   Display : 02   Total : 10

Type the following table in proper order and display :

Marks : 08   Display : 02   Total : 10

HBL Power Systems Limited

The Company’s high-low prices in BSE & NSE are tabulated as under :