1. Overview of Government Companies and Statutory Corporations
Audit of Government Companies is governed by Sections 139 and 143 of the Companies Act, 2013. Their accounts are subject to supplementary audit by the CAG. Audit of Statutory Corporations is governed by their respective legislations. As on 31March 2016, the State had 81working Public Sector Undertakings-PSUs and 12 non-working PSUs, the total investment being ` 92,573.62 crore, the Government contributing ` 17,526.50 crore.
2. Performance Audits relating to Government Companies
The Report includes Performance Audits on the ‘Implementation of Lift Irrigation Schemes by Karnataka Neeravari Nigam Limited’ and ‘Implementation of Restructured Accelerated Power Development and Reforms Programme (RAPDRP) by the Electricity Supply Companies in Karnataka'.Audit concluded that the Company failed to create envisaged irrigation potential within the set time frame through Lift Irrigation Schemes and the envisaged benefits could not be reaped under RAPDRP as IT application under Part-A has not been stabilized..
3. Compliance Audit observations
This included deficiencies in planning, investment and other activities in the management of PSUs, which resulted in financial irregularities of `116.27 crore.