ECONOMIC SECTOR (PSU)
Overview of the Wing
The wing is entrusted with the Compliance Audit, Performance Audit and Financial Attest Audit of state Public Sector Undertakings. At present, there are 54 PSUs (including 4 Statutory Corporations), 2 Autonomous Bodies and 4 Departments under the audit purview of the wing. The audit of the Government Companies is conducted as per the relevant provisions of the C&AG's (DPC) Act, 1971 and the Companies Act, 2013. The audit of the Statutory Corporations is governed by the respective Acts of the Corporations. The major PSUs under the purview of the wing are the Companies in the Power Sector and the State food grains procuring agencies.
- Punjab State Electricity Board (PSEB) was unbundled on 16 April 2010 into two companies viz. Punjab State Power Corporation Limited (PSPCL) and Punjab State Transmission Corporation Limited9PSTCL). These companies have been entrusted with generation and distribution of power (PSPCL) and the transmission of power (PSTCL) in the state of Punjab.
- The wing also audits the State food grains procuring agencies viz. Punjab State Grains Procurement Corporation Limited, Punjab State Civil Supplies Corporation Limited, Punjab State Warehousing Corporation, Punjab Agro Foodgrains Corporation Limited along with the District Offices of these Companies.
The serious irregularities and findings of the Compliance and Performance Audits are incorporated in the Audit Report (PSUs) every year which is then laid to the State Legislature. The findings during the Financial Attest Audit of the PSUs are issued as comments on Accounts to the Government Companies and Separate Audit Reports to the Statutory Corporations and Autonomous Bodies.