"Supreme Audit Institution Of India"

Functional Group

ECONOMIC SECTOR (PSU)


Sh. Abhay Singh (IA&AS) Dy. Accountant General

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: 49 State Government Companies; Four Statutory Corporations (Punjab State Warehousing Corporation, Punjab Financial Corporation, Punjab Scheduled Castes Land Development and Finance Corporation and PEPSU Road Transport Corporation); Two Autonomous Bodies (Khadi and Village Industries Board, Punjab and Punjab State Electricity Regulatory Commission); and Four Departments (Director State Transport, Controller of Stores State Information Commission Secretary and Power Punjab Government) 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 Limited(PSTCL). 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 Food Grains 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.