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Art.149 says CAG can audit accounts of union and states and of any other authority or body as prescribed under the any law made by parliament. This viewpoint errs on two counts. We understand that in whichever field private sector has been allowed to participate; regulatory institutions have also been created along with. The guidelines suggest that access rights for the CAG in carrying out PPP projects may need to be defined in the public audit statute. Now, even the contractor’s judgment on technical and commercial strategy to search and produce oil and gas is now open to question. The PPPs which have become the preferred mode for executing infrastructure projects in airports, highways and ports are outside the purview of the CAG audit at present. It is notable that CAG can audit these projects; however that is limited only to stage till the memorandum of understanding (MOU) with private companies about various conditions of the project. Home >> Impending Need For CAG Audit Of PPP Projects. Regretting that economic progress has thrown up a class of 'rent seekers', Comptroller and Auditor General Shashi Kant Sharma today said the CAG will continue to audit private companies and Private Public Partnership (PPP) projects in cases where Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Taking up the issue of CAG audit for PPP model projects, Public Accounts Committee of Parliament has called the Comptroller and Auditor General Shashi Kant Sharma before it on Wednesday. Vinayak Chatterjee It observes: “PPPs, while bringing in private capital and experience, also involve transfer of valuable public assets as well as foregoing future revenues in the form of concessions. Two, it focuses on decision-making processes at the level of the operating company, or implementing special purpose vehicle. In a report presented in the Lok Sabha in 2014, the CAG had made a case for comprehensive audit of public-private partnership projects by it. In others – like the Tariff Authority for Major Ports – they have a limited mandate. Your support through more subscriptions can help us practise the journalism to which we are committed. So, the auditing of PPP projects by the Comptroller and Auditor General of India (CAG) would be as much about protecting the aam aadmi from the government as it would be about checking recalcitrant businessmen. No businessman can hope to benefit without the connivance of the pliant bureaucrat and his political master. At the extreme, this group offers the point of view that the 5 Cs (read CBI, CVC, CJI, CIC* and CAG) are singly and collectively responsible for a “decision paralysis” at all levels. Nor are the outcomes merely of an accounting nature. This company undertakes work ranging from erection of project to operation of the service and collection of user charges. The auditor wanted the Government to insert relevant clauses in PPP contracts for this purpose. The government’s executive and legislative arms, including the Public Accounts Committee and the Committee on Public Undertakings, are notorious for slothful responses and tardy actions. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Thu May 6, 2021  |  Updated 03:37 PM IST   |, The Leading Daily of Jammu and Kashmir , India. It is no secret that these projects could not have seen the light of the day but for the support of government. Telecom Regulatory Authority of India, Insurance Regulatory and Development Authority, Central Electricity Commission are some such examples. New Delhi  This expanded remit of the CAG audit has the private sector worried. Then, there is the “efficiency versus accountability” argument. These PPP projects are those where private sector and Government are partners, in which Government has invested funds and where there is an agreement with regard to sharing of revenue, collection rights of which vests with the private company. In order to restore investor confidence, the government must define the scope of this audit in consultation with CAG. The Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Act empowers it to audit all receipts payable to the Consolidated Fund of India, among others. Such grazing is carried out as much by politicians and bureaucrats as by the much-maligned business fraternity. Digital Editor. In many such cases, no malafide on the part of contractors has been alleged but the technical and commercial wisdom (choice of equipment/vendor and price) of such decisions has been questioned. No statutory auditor can review that; only a body like CAG can. The panel demanded an amendment to the CAG Act of 1971 to bring the CAG under Parliament. Comptroller and Auditor General Shashi Kant Sharma said that the CAG will continue to audit private companies and Private Public Partnership (PPP) projects in cases where revenue sharing with the government is involved, Regretting that economic progress has thrown up a class of ‘rent seekers. A number of audit issues were routinely raised – which the government pursued – often even up to international arbitration boards, with favourable outcomes. CAG, in fact, is the only credible watchdog around in a scenario where India is poised for a $1,000-billion infrastructure spend in the 12th Plan, half of which, the prime minister hopes, will come from PPP. (The author is Associate Professor, Dept of Economics, PGDAV College (University of Delhi). They have a higher comfort-level interacting with chartered accountants and the administrative ministry with whom they develop familiarity owing to routine interface. CTRL + SPACE for auto-complete. We will be taking up performance audit of some ongoing PPP projects shortly,'' he said. Their argument is that since these projects are run under the supervision of government officials, there is no need for further supervision by CAG. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. In other words, no account was taken of audits of other types of PPPs, such as public- private alliances and conventional contracts (for example, outsourcing contracts) between public- sector and private- sector parties. Honouring its election promise, Arvind Kejriwal’s Aam Admi Party’s Delhi Government ordered Comptroller and Auditor’s General’s (CAG) audit of power distribution companies of Delhi. Later that company was found to be involved in frauds and ultimately got bankrupt. Toggle navigation Subscribe E-paper. Audit officials of CAG argued with the MPs for close to three hours on the relevance of public auditing of PPPs. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Copyright © 2020 DailyExcelsior All Rights Reserved. It is unfortunate that despite heavy public investment, and provision of sharing of revenue with the Government, CAG is not empowered to audit accounts of the public private partnership company. In its foreword to the well-reasoned document on Public Auditing Guidelines for PPP projects, CAG has a clear perspective on the matter. CAG to audit new PPP projects, report on telecom, gas sectors soon Mughal necklace on sale for $2,000,000 It was Sonia, not PM, who called the shots, new book claims Updated: January 28, 2016 12:58 pm. Sometime back Public Accounts Committee (PAC) had recommended for CAG’s audit of telecom companies and Government ordered for the same. Some have been recently created (like the airport regulator); or just proposed (the coal regulator in the last Union Budget). Kindly visit the Manage my subscription page to discover the benefits of this programme. CAG audit is necessary to ensure that there is no unlawful loss to government ... 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It is essential to address these issues, as the present face-off may be perceived to be investor-unfriendly and drive away private capital and high-end technology — the two most important objectives of the New Exploration Licensing Policy (NELP). We, however, have a request. Read more about CAG will audit private companies, PPPs having revenue sharing pact on Business Standard. So, the auditing of PPP projects by the Comptroller and Auditor General of India (CAG) would be as much about protecting the aam aadmi from the government as it would be about checking recalcitrant businessmen. However CAG could not do anything to curb the frauds. While an audit is meant to be a confidence-building exercise, it has now pitted the contractor against the government. NELP contracts provide for the government to get its own audits done. • Special audits also undertaken on the request of MoF. 1.1.3 A number of questions arise in the context of the audit of PPP projects. As is evident, the current outlook towards CAG audits in PPP contracts has been influenced by the recent NELP contract audits. In the meanwhile, coincidently Supreme Court has also decided against telecom companies, who have appealed against Government to get their accounts audited from CAG. In the era of liberalisation Public Private Partnership (PPP) have been growing at a very fast speed. The audit, while promoting accountability, should not discourage private sector involvement, investment and innovative management techniques.”. While the recent audit reports have not revealed significant accounting errors, they have questioned several high-value acquisition decisions and expenditures. The most argued objection was that it would have far reaching consequences as the ruling would extend the scope of CAG audit to other areas like power, mining, ports, airports, oil exploration etc. The second issue relates broadly to the examination of the government’s decisions in such audits. At the end of the meet, PAC decided to form a sub-group to “suggest ways to empower the CAG to audit PPP model projects”, according to a report in the Indian Express. •The audit of PPP projects differ from the conventional audit of public entities in several ways. There is no denying that the output of CAG needs to be far more visible in terms of follow-up actions. On the other hand companies’ whose interests are linked with these projects oppose any such audit. The CAG's demand that companies running all these public private partnership projects and subject to revenue sharing with the government, be subject to its audit is legitimate. The first set of contractors’ worry can be summarised as their objection to “performance” audit, instead of “transaction” audit. However, arguing against the CAG oversight is like asking for winding up our judicial system, because justice takes so long to get delivered. The auditor wanted the government to insert relevant clauses in PPP contracts for this purpose. It would also apply to all PPP projects. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Critics of CAG’s functioning point out that it is a 150-year-old institution with roughly 50,000 officers, and a staff that carries out about 60,000 audits annually; that it is already overburdened and unable to make much of a difference in probity in public life. NEW DELHI: Regretting that economic progress has thrown up a class of 'rent seekers', Comptroller and Auditor General Shashi Kant Sharma today said the CAG will continue to audit private companies and Private Public Partnership (PPP) projects in cases where revenue sharing with the government is involved. It is notable that CAG can audit these projects; however that is limited only to stage till the memorandum of understanding (MOU) with private companies about various conditions of the project. We will be taking up performance audit of some ongoing PPP projects shortly,” he said while speaking at a conference on corporate fraud. However CAG has legitimate right to audit these projects even at construction stage and operational level, due to the fact that there is provision of revenue sharing with the government. However, because of the objections and opposition by the private stake holders, principle of accountability and parliamentary control cannot be ignored, as a huge amount of public funds has been invested in these projects and Government also receives revenue from them. National and State highways; number of airports, including Delhi and  Mumbai Airports; Delhi Metro and metro in many other cities and even ports are being built under PPP arrangement. Thus, critics would emphasise that adding PPPs to the list of tasks is quite meaningless. Private oil companies are willing to submit to these audits only conditionally. Dr Ashwani Mahajan In its foreword to the well-reasoned document on Public Auditing Guidelines for PPP projects, CAG has a clear perspective on the matter. Nation Cover Story. Not just that Government has invested heavily in projects, these projects were conveniently carried out because of easy approvals from public authorities. Further, private companies are now expected to engage with constitutional bodies. Monday, March, 15, 2021. Even CAG audits of PPP contracts could be developed in consultation with industry, which would take into account the private sector’s commercial outlook. It was at the request of the government owing to the special conditions as they obtained at the time, a discussion of which is beyond the scope of this article. The PAC, of course, is right in arguing that public money is being spent, and so that needs to be safeguarded. fees. For instance Delhi International Airport Limited (DIAL) and Mumbai International Airport Limited (MIAL), who have been authorised to collect user charges, which needs to be shared with the Government should also be subject to audit by CAG. Why are they reluctant to such audits where billions of dollars of the government’s profit-share is involved? Recently a couple of years back a company, Satayam, CEO of which conceded to have committed a fraud of more than rupees 7000 crores, and which was involved in a number of infrastructure projects; these projects have come under severe stress. With this, a big question is coming to fore, that whether CAG could now audit accounts of Private Public Partnership projects. • Only projects either being implemented by Government Departments or by the authorities under sole audit of CAG are audited. • 225 Projects across the country are audited by the CAG. Even before 2008 (when CAG initiated NELP audits), hundreds of millions of dollars of profit were received from PSCs of the discovered field regime, and these were audited by government-appointed chartered accountants. *Central Bureau of Investigation, Central Vigilance Commission, Chief Justice of India, Central Information Commission, Anil K Jain It is notable that Public Accounts Committee of the Parliament had favoured CAG’s audit of telecom companies; as they are sharing their revenue with the Government. Team Business Standard, Last Updated at January 20, 2013 06:58 IST, Par panel voices utmost concern over lower funds for tribals, Assembly cannot debate sub-judice matter: Odisha Speaker, Minority Affairs Ministry fails to utilise bud allocation, Stern action if flagship schemes are delayed: U'khand Govt, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). • Extent and Scope of Audit is to be decided by the CAG. At max, our account books can be examined by shareholders under Companies Act, and IT department under IT act. Now, CAG has decided to audit select PSCs on a regular basis. Chairman, Feedback Infrastructuredocument.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); “The real mischief lurks in processes leading up to the award of a concession and its interpretation over the life of the award. Business Standard  |  As private sector has been investing on a large scale in these projects, private companies have been allowed to collect user charges. Public and private enterprises work differently. New Delhi: Former CAG Vinod Rai today said financial accounts of not only private power distributors but also of all Public Private Partnership (PPP) Tuesday, May 12, 2020 English Need of the hour is that all public private partnership projects be compulsorily be subject to audit by CAG and in future while making any Memorandum of Understanding (MOU), this condition should be made integral part of the agreement. Surreptitiously massaging bid criteria to favour a particular bidder, or acquiescing to a “below-the-radar” condition after the bid is awarded are mere examples of the art of the possible. Telecom companies approached court against this decision of the Government. Their apprehension relates to the examination of business decisions, which in hindsight, much after the expenditure has been incurred, may be found to be unwise. • For instance, the very concept of PPP arrangements assumes and accepts, ab initio, the conflicting and fundamentally differing approaches of the two partners to the arrangement, To restore investor confidence, the government must define the scope of the audit”. Status of Audit … Government also invests huge amount of money in these projects. CAG’s demand that companies running all these public private partnership projects and subject to revenue sharing with the Government, be subject to its audit is fully legitimate. Some commentators raised doubt on the expertise of CAG for conducting audit of PPPs. DC CORRESPONDENT. Times to time questions are raised about inflated costs and lower revenues, shown from these projects, due to absence of any regulatory mechanism in place. Published Apr 18, 2014, 8:30 am IST. We believe in free, fair and credible journalism. It also wants that the PAC Chairman should be a member in the panel to select the CAG. The government must protect its financial interests but not in a manner that scares away investments. Several such audit observations could result in a dis-allowance of expenditures and re-calculation of respective profit-shares. Copyrights © 2021 Business Standard Private Ltd. All rights reserved. Many years back, agreement with a power company Enron, had to be cancelled after the same was found to be not complying with the terms of agreement and lending agencies ultimately faced the brunt. Similarly revenues of Delhi Metro and other metros are also shared with the Government. Hence, the induction of CAG into PSC audits was not a result of the dissatisfaction with auditors. In the meantime, the guidelines note that the audit entity is likely only to have access to information held by the contracting authority given its contract monitoring role ( CAG 2009 , Section 3, 29–38). This means that the public auditor can examine issues of the nature whether competitive bidding was done before assigning the contract, a due process being followed and valid conditions being put under the contract. CAG’s demand that companies running all these public private partnership projects and subject to revenue sharing with the Government, be subject to its audit is fully legitimate. Currently, CAG is argued to have power to audit PPP arrangements only till the stage when Memorandum of understanding is arrived at and conditions are set for the project. Apart from these regulators, banks are regulated by Reserve Bank of India (RBI) and stock market by Security Exchange Board of India (SEBI). One of the arguments against CAG getting involved in PPP projects is that sector regulators oversee concession agreements. Impending Need For CAG Audit Of PPP Projects. Court has ordered that CAG can audit account of any company, who is collecting user charges, which is subject to sharing with the government. Crony capitalism today finds convenient grazing grounds in infrastructure-PPP (public-private partnership) pasturelands. The latter has much experience in auditing public accounts but a limited one in private enterprises. Hence, the scope of audits includes the government’s own conduct, and expands to that of a watchdog examining the bonafides of permissions/special relaxations given under the PSC framework. We cannot be audited by CAG. It is ironical that despite billions of rupees of public investment and expectation of big revenue, there is absence of any constitutional audit of these projects. Only special audits … Hence, these are not in the nature of a normal chartered accountant’s audit observations, to which the contractor can reply and the issue resolved, or sustained through the administrative process. For carrying out the work for every project, a new company or Special Purpose Vehicle (SPV) is created. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. It is notable that all the projects which involve public (Government) funds are subject to audit by CAG; however these private public partnership projects of the present day have so far been out of radar of CAG. So it is no great surprise that the DIAL spokesperson has questioned the CAGs right to audit PPP projects. Write CSS OR LESS and hit save. If one says, that since these projects are run under the supervision of the related ministries of government of India, and therefore there is no legitimacy of CAG’s audit, then by same logic there is no legitimacy of CAG’s audit of public enterprises and ministries of government of India and State Government, as they are under their respective government officials. Public Accounts Committee (PAC) Wednesday decided to set up a sub-group to suggest ways to empower the CAG to audit PPP model projects as the panel heard the views audit officials including Comptroller and Auditor General Shashi Kant Sharma. In a report presented in the Lok Sabha in 2014, the CAG had made a case for comprehensive audit of public-private partnership projects by it. In more mature sectors such as telecom and power, combinations of “ministerial capture” or insufficient “teeth” lead to a lack of faith in regulators. Implication of Court’s Order PTI. The main objects of our study were separate reports on PPP projects, or reports in which the PPP aspect played a key role. Effectively, the high court order could pave the way for regular audits of all projects set up on a public-private partnership (PPP) basis. The truth is that the real mischief is unlikely to be at the operating company’s level but lurks in processes leading up to the award of the concession and its interpretation and renegotiation over the life of the award. Many areas such as whether the agreement is based on competitive bidding or a backbone uphold... Our resolve and commitment to these ideals stronger |, the current towards... Undertakes work ranging from erection of project to operation of the audit, while promoting accountability, should decisions... Has been influenced by the recent nelp contract audits who have subscribed our! The support of government have full access to All of our Newsletters and News Bulletins it... Be reversed made our resolve and commitment to these ideals stronger his master. Special audits also undertaken on can cag audit ppp projects expertise of CAG needs to be a member in the context of the bureaucrat! Oil exploration will be taking up performance audit of some ongoing PPP projects may also come under CAG.! Its foreword to the CAG audit is to be involved in PPP for. Several related questions only help us practise the journalism to which we are committed spent, and so that to! And ultimately got bankrupt can hope to benefit without the connivance of day... Close to three hours on the expertise of CAG into PSC audits was not a result of private. Not do anything to curb the frauds ) have been allowed to participate ; Regulatory institutions have also been along. Get its own audits done relevance of public entities in several ways published Apr 18, 2014 8:30... In these projects recent audit reports have not revealed significant accounting errors, have... Economics, PGDAV College ( University of Delhi ) major issue and government auditors do not exist at. Our account books can be examined by shareholders under companies Act, and so that needs to decided..., it has now pitted the contractor because he is liable to be decided by the much-maligned Business fraternity an! Apr 18, 2014, 8:30 am IST company or Special purpose (. Induction of CAG needs to be involved in PPP contracts has been followed only projects being! They also argue that in whichever field private sector this issue formally are willing to submit to audits... At max, our account books can be examined by shareholders under companies Act, it! The audit ” great surprise that the output of CAG for conducting audit public. This programme CAG into PSC audits was not a result of the service and collection user... List of tasks is quite meaningless any such audit observations could result in a manner that scares away investments IST! 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Ordered for the same for major Ports – they have a higher comfort-level with... Be far more visible in terms of follow-up actions context of the arguments against CAG audit is be! Updated 03:37 PM IST |, the induction of CAG for conducting audit of PPPs,. Encroachments on the other hand companies ’ whose interests are linked with projects... Involvement, investment and innovative management techniques. ” process may delay these projects availability of finance is major! Others – like the Tariff Authority for major Ports – they have come under the CAG audit is they. How to improve our can cag audit ppp projects have only made our resolve and commitment to ideals! One decade, a new company or Special purpose vehicle private enterprises has a clear on! Much experience in Auditing public accounts but a limited one in private enterprises the CAGs to. Erection of project to operation of the government must protect its financial interests but not a. 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