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*filr,ti' it F6'?5i Ef,€t r{+ }rtrbe fdirre 2Olg-L4 ANNUAT STATEMENT OF ACCOUNTS & AUDlT REPORT 2013.14 I---------------:::-i-::l l-i.'- T/ Ir / l// tfrrq' uEr fr-frefi foqD{d. }r.FG'-dr PUNJAB STATE ELECTRICITY REGULATORY COMMISSION

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Page 1: tfrrq' uEr fr-frefi foqD{d

*filr,ti' it F6'?5i Ef,€t r{+ }rtrbe fdirre 2Olg-L4ANNUAT STATEMENT OF ACCOUNTS & AUDlT REPORT 2013.14

I---------------:::-i-::l l-i.'-

T/Ir/l//

tfrrq' uEr fr-frefi foqD{d. }r.FG'-dr

PUNJAB STATE ELECTRICITY REGULATORY COMMISSION

Page 2: tfrrq' uEr fr-frefi foqD{d

Chairperson

Il,rfinftrEd'

Member

ftTd

Member

ftsd

Secretary

FdJd

Secretary

rdyd

dfi{Fd e ffTdMEMBERS OF THE COMMISSION

Smt. Romila Dubey IAS

{trs ?fHsr gn },{'m.E'.*r.

Sh. Gurinder Jit Singh

ElqrfiisdfrsffiurSh. Mrinder Singh lrpto +rz-zor+1

{+Fsd ffiur

Sh. Pirt PaUl Garg (upto 31-$20i4)

qlfiresrrsarcor

Sh. Rajiv Bhatia IRS (w.€.r. .r-o- 2ols)

qi d'-m€ grA)rfr ard.ry.u.*r.

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AUDIT CERTIFICATE AND REPORT

BALANCE SHEET

INCOI\,IE & EXPENDITURE ACCOUNT

STATEMENT OF RECEIPTS AND PAYMENTS

SCHEDULES TO THE ABOVE FINANCIAL STATEMENT

SCHEDULES TO THE RECEIPTS AND PAYMENTS ACCOUNT

NOTES TO THE ACCOUNT

STATEMENT OF DEPRECIATION ON ASSETS - ANNEXURE- A

ACCOUNTING POLICY - OF THE COMMISSION ANNEXURE -B

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"separate Audit Report ofthe Comptroller &Auditor Generalof lndia on theAccounts

oi iun;aU State El;ctricity Regulatory Commission for the year ended 31 March

2014.

l.wehaveauditedtheattachedBalancesheetofPunjabStateElectricityRegulatoryCommissionason 31 March,2O14 and the lncome and Expenditure Account and

Receipts & Payments Account for the year ended on that date under Section l9(3) of

CAG bPC ) Act 1971 read with Section 104(2) of the Electricity Act' 2003 These

Ilnancial statements are the responsibility of the Punjab state Electricity Regulatory

Commission. Our responsibility is to express an opinion on these financial statements

based on ouraudit.

2. This separate Audit Report contains the comments of the Comptroller & Auditor

Generaloflndia(CAG)ontheaccountingtreatmentonlywithregardtoclassification,conformity with the best accounting practices, accounting standards and disclosure

norms,etc.AuditobservationSonfinancialtransactionSwithregardtocompliancewith the Law,. Rules & Regulations (Propriety and Regularity) and efficiency-cum-

performance aspects, etc. if any, are reported through lnspection Reports/CAc's

Audit RePorts separately

3.Wehaveconductedourauditinaccordancewithauditingstandardsgenerallyaccepted in lndia. These standards require that we plan and perform the audit to

obtain reasonable assurance about whether the financial statements are free from

material misstatements. An audit includes examining, on a test basis' evidence

supporting the amounts and disclosures in the financial statement An audit also

includes assessing principles used and significant estimates made by management'

as well as evaluating the overall presentation of financial statements We beleive that

ouraudit provides a reasonable basis for our opinion'

4. Based on ouraudit, we reportthat:i) We have obtained allthe information and explanations' which to the best ofour

knowledge and belief were necessary forthe purpose ofouraudit'

ii) The Balance Sheet and lncome and Expenditure Account and Receipts &

Payments Account deatt with by this report have been drawn up in the format

approved by the State Government under Section 104 of the Electricity Act'

2003.iii) ln ouropinion, proper books ofaccounts and other relevant records have been

AUDIT CERTIFICATE

29

Page 32: tfrrq' uEr fr-frefi foqD{d

maintained by the Commission as refquired under Section 104 of the ElectricityAct, 2OO3 in so far as it appears from o'ur examination ofsuch books.

iv) We fu rth er report that;

NOTES TOTHEACCOUNT

A reference is invited to Note No. 3 where in it has been stated that,,' No depreciation onassets has been provided in the Balance Sheet and lncome and Expenditure Account .

An amount of Rs.1540626/- has been calculated as depreciation for the year 2013_14,on straight line method as provided in the income tax Act. The note is deficient to theextent that the amount of cumulative depreciation of Rs.144.36 lac upto the year 2013_14has not been disclosed.Though the same comment was issued during the last years audit,yet no action in thisregard was taken.v) Subject to our observations inthe preceeding paragraph, we reportthat Balance

Sheet and lncome and Expenditure Account and Receipts & paymenls Accountwith bythis report are in agrementwith the books ofAccounts .

vi) ln our opinion and to the best of our information and according to the explanationsgiven to us, the said financial statements read together with the AccountingPolicies and Notes on Accounts and subject to the significant matters statedabove and other matters mentioned in Annexure to this Audit Report give a trueand fairview in conformitywith accounting principles generally accepted in lndia.

a) ln so far as it relates to the Balance Sheet, of the state of affairs of theCommission ason 31 March 2014;and

b) ln so far as it relates to the lncome and Expenditure Account ofthe surplusforthe yearended on that date. "

Forand on behalfofThe Comptroller and Auditor Generalof lndia

sd/-Principal Accountant General (Audit), Punjab

ChandigarhPlace: ChandigarhDate: 28.5.20'15

30

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Annexure to the Separate Report Audit on Annual Accounts ofPunjab State Electricity Regulatory Commission (PSERC) for theyear 2013-14

1 . Adequacy of lnternal Audit System:

lnternal Audit System in PSERC is inadequate and not commensurate withits activities.

2. Adequacy of lnternal Control System:

The lnternal Control System is adequate and commensurate with the

size and nature of activities of the Commission.

3. System of Physical verification offixed assets & inventories:

Fixed assets and lnventories have been physically verified by the

Commission for the yeat 2013-14.

4. Regularity in payment of statutory dues

The Commission is regular in depositing the undisputed statutory

dues.

sd/-

Sr. Audit Officer

31

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PUi'JJAB STAIE ELECTRICIil REGULAIORY C0llllllllI$S|Ot'l

SCO 220.221,SECTOR 34.A, CHANDIGARH

FINANCIAL STATEMENTS

FOR THE YEAR 2013.14

32

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