Which of the following corporations, for the purposes of auditing, are kept completely out of the…
The Food Corporation of India (II), the Life Insurance Corporation of India (IV) and the Reserve Bank of India (V) are audited wholly by private professional auditors, and…
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Which of the following corporations, for the purposes of auditing, are kept completely out of the purview of CAG of India?
(I) Industrial Finance Corporation
(II) Food Corporation of India
(III) Central Warehousing Corporation
(IV) Life Insurance Corporation of India
(V) Reserve Bank of India
Answer and explanation
Correct answer A
The Food Corporation of India (II), the Life Insurance Corporation of India (IV) and the Reserve Bank of India (V) are audited wholly by private professional auditors, and the CAG has no role in their audit. The Industrial Finance Corporation (I) and the Central Warehousing Corporation (III) are audited by private auditors appointed in consultation with the CAG, who may conduct a supplementary audit.
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