Act Info:
1 [15A. Audit of accounts ofcompanies formed by Corporations
(1) Not with standing anything contained in theCompanies Act, 1956, the auditor of any company formed by either of theCorporations under clause (kk) of sub-section(2) of section 7 shall beappointed or re-appointed by the Corporation concerned on the advice of theComptroller and Auditor General of India.
(2) Save as otherwise provided in sub-section (1),in addition to the provisions contained in the Companies Act, 1956, relating tothe audit of the accounts of any company, the following provisions shall applyto the audit of the accounts of any company referred to in subsection (1),namely :--
(i) the Comptroller and Auditor General of Indiashall have power to conduct a supplementary or test audit of the company'saccounts by such person or persons as he may authorise in this behalf; and forthe purposes of such audit to require information to be furnished to any personor persons so authorised, on such matters by such person or persons and in suchform as the Comptroller and Auditor General may, by general or special order,direct;
(ii) the author appointed or re-appointed undersub-section (1) shall submit a copy of his audit report to the Comptroller andAuditor General of India who shall have the right to comment upon, orsupplement, the audit report in such manner as he may think fit;
(iii) any such comments upon, or supplement to, theaudit report shall be placed before the annual general meeting of the companyat the same time and in the same manner as the audit report.]
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1.Inserted by the AirCorporation (Amdt.) Act (49 of 1971), S. 7 (1-2-1972).