Two Questions on Joint auditors in Indian listed companies
This query is : Open
02 September 2009
Dear Sir/Madam,
I have read the AAS 12 carefully and many thanks for your help!
You have done a really excellent and considerately great job.
I found from some internet source that, "In India, public sector companies
and banks have joint audits. The concept of a joint audit - where more
than one firm audits the financials - is not popular globally and of the
G20 countries is only practiced by France."
However,
(1)how can we define a company falls into the category of "public sector companies"? Is there any official list of "public sector companies"?
(2)And I was puzzled some of the companies employing joint auditors are not
banks and they are private in ownership.
Since joint auditors are generally more costly..It's really strange.
Why these private in nature(ownership)listed companies choose to employ joint auditors (rather than one audit firm), since they are not required must to do so by law?
So deeply thanks and looking forward to your quick reply.
Yours sincerely,
Daisy
I have read the AAS 12 carefully and many thanks for your help!
You have done a really excellent and considerately great job.
I found from some internet source that, "In India, public sector companies
and banks have joint audits. The concept of a joint audit - where more
than one firm audits the financials - is not popular globally and of the
G20 countries is only practiced by France."
However,
(1)how can we define a company falls into the category of "public sector companies"? Is there any official list of "public sector companies"?
(2)And I was puzzled some of the companies employing joint auditors are not
banks and they are private in ownership.
Since joint auditors are generally more costly..It's really strange.
Why these private in nature(ownership)listed companies choose to employ joint auditors (rather than one audit firm), since they are not required must to do so by law?
So deeply thanks and looking forward to your quick reply.
Yours sincerely,
Daisy
03 September 2009
Top Public Sector Companies
Air India
Bharat Coking Coal Limited
Bharat Dynamics Limited
Bharat Earth Movers Limited
Bharat Electronics Limited
Bharat Heavy Electricals Ltd.
Bharat Petroleum Corporation
Bharat Refractories Limited
Bharat Sanchar Nigam Ltd.
Bongaigaon Refinery & Petrochemicals Ltd.
Broadcast Engineering Consultants India Ltd
Cement Corporation of India Limited
Central Warehousing Corporation
Chennai Petroleum Corporation Limited
Coal India Limited
Cochin Shipyard Ltd.
Container Corporation Of India Ltd.
Cotton Corporation of India Ltd.
Dredging Corporation of India Limited
Engineers India Limited
Ferro Scrap Nigam Limited
Food Corporation of India
GAIL (India) Limited
Garden Reach Shipbuilders & Engineers Limited
Goa Shipyard Ltd.
Gujarat Narmada Valley Fertilizers Company Limited
Haldia Petrochemicals Ltd
Handicrafts & Handloom Exports Corporation of India Ltd.
Heavy Engineering Corp. Ltd
Heavy Water Board
Hindustan Aeronautics Limited
Hindustan Antibiotics Limited
Hindustan Copper Limited
Hindustan Insecticides Ltd
Hindustan Latex Ltd.
Hindustan Petroleum Corporation Ltd.
Hindustan Prefab Limited
HMT Limited
Housing and Urban Development Corporation Ltd. (HUDCO)
IBP Co. Limited
India Trade Promotion Organisation
Indian Airlines
Indian Oil Corporation Ltd
Indian Rare Earths Limited
Indian Renewable Energy Development Agency Ltd.
Instrumentation Limited, Kota
Ircon Internationl Ltd.
ITI Limited
Kochi Refineries Ltd.
Konkan Railway Corporation Ltd.
Krishna Bhagya Jala Nigam Ltd
Kudremukh Iron Ore Company Limited
Mahanadi Coalfields Limited
Mahanagar Telephone Nigam Limited
Mangalore Refinery and Petrochemicals Limited
Manganese Ore India Limited
Mazagon Dock Limited
MECON Limited
Mineral Exploration Corporation Ltd.
Mishra Dhatu Nigam Limited
MMTC Limited
MSTC Limited
National Aluminium Company Ltd.
National Building Construction Corp. Ltd.
National Fertilizers Ltd.
National Film Development Corporation Ltd.
National Hydroelectric Power Corporation Ltd.
National Informatics Centre Services Incorporated
National Insurance Company Ltd
National Mineral Development Corporation Limited
National Projects Construction Corporation Limited
National Research Development Corporation
National Small Industries Corporation Ltd
National Thermal Power Corporation
Neyveli Lignite Corporation
North Eastern Electric Power Corporation Ltd
Northern Coalfields Limited
Nuclear Fuel Complex (NFC)
Nuclear Power Corporation of India Limited
Oil & Natural Gas Corporation Ltd.
Oil India Limited
Power Finance Corporation Ltd.
Power Grid Corporation of India
Praga Tools Limited
Projects & Development India Ltd
PTC India Limited
RailTel Corporation of India Ltd.
Rashtriya Chemicals & Fertilizers Ltd
Rashtriya Ispat Nigam Limited
RITES Limited
Rural Electrification Corporation Ltd
Sardar Sarovar Narmada Nigam Ltd.
Shipping Corporation of India
Sponge Iron India Limited
Steel Authority of India Limited
Tamil Nadu Newsprint & Papers Ltd.
Telecommunications Consultants India Limited
The Fertilisers and Chemicals Travancore Limited
The State Trading Corporation of India Ltd.
Videsh Sanchar Nigam Limited
Water and Power Consultancy Services (India) Limited
Air India
Bharat Coking Coal Limited
Bharat Dynamics Limited
Bharat Earth Movers Limited
Bharat Electronics Limited
Bharat Heavy Electricals Ltd.
Bharat Petroleum Corporation
Bharat Refractories Limited
Bharat Sanchar Nigam Ltd.
Bongaigaon Refinery & Petrochemicals Ltd.
Broadcast Engineering Consultants India Ltd
Cement Corporation of India Limited
Central Warehousing Corporation
Chennai Petroleum Corporation Limited
Coal India Limited
Cochin Shipyard Ltd.
Container Corporation Of India Ltd.
Cotton Corporation of India Ltd.
Dredging Corporation of India Limited
Engineers India Limited
Ferro Scrap Nigam Limited
Food Corporation of India
GAIL (India) Limited
Garden Reach Shipbuilders & Engineers Limited
Goa Shipyard Ltd.
Gujarat Narmada Valley Fertilizers Company Limited
Haldia Petrochemicals Ltd
Handicrafts & Handloom Exports Corporation of India Ltd.
Heavy Engineering Corp. Ltd
Heavy Water Board
Hindustan Aeronautics Limited
Hindustan Antibiotics Limited
Hindustan Copper Limited
Hindustan Insecticides Ltd
Hindustan Latex Ltd.
Hindustan Petroleum Corporation Ltd.
Hindustan Prefab Limited
HMT Limited
Housing and Urban Development Corporation Ltd. (HUDCO)
IBP Co. Limited
India Trade Promotion Organisation
Indian Airlines
Indian Oil Corporation Ltd
Indian Rare Earths Limited
Indian Renewable Energy Development Agency Ltd.
Instrumentation Limited, Kota
Ircon Internationl Ltd.
ITI Limited
Kochi Refineries Ltd.
Konkan Railway Corporation Ltd.
Krishna Bhagya Jala Nigam Ltd
Kudremukh Iron Ore Company Limited
Mahanadi Coalfields Limited
Mahanagar Telephone Nigam Limited
Mangalore Refinery and Petrochemicals Limited
Manganese Ore India Limited
Mazagon Dock Limited
MECON Limited
Mineral Exploration Corporation Ltd.
Mishra Dhatu Nigam Limited
MMTC Limited
MSTC Limited
National Aluminium Company Ltd.
National Building Construction Corp. Ltd.
National Fertilizers Ltd.
National Film Development Corporation Ltd.
National Hydroelectric Power Corporation Ltd.
National Informatics Centre Services Incorporated
National Insurance Company Ltd
National Mineral Development Corporation Limited
National Projects Construction Corporation Limited
National Research Development Corporation
National Small Industries Corporation Ltd
National Thermal Power Corporation
Neyveli Lignite Corporation
North Eastern Electric Power Corporation Ltd
Northern Coalfields Limited
Nuclear Fuel Complex (NFC)
Nuclear Power Corporation of India Limited
Oil & Natural Gas Corporation Ltd.
Oil India Limited
Power Finance Corporation Ltd.
Power Grid Corporation of India
Praga Tools Limited
Projects & Development India Ltd
PTC India Limited
RailTel Corporation of India Ltd.
Rashtriya Chemicals & Fertilizers Ltd
Rashtriya Ispat Nigam Limited
RITES Limited
Rural Electrification Corporation Ltd
Sardar Sarovar Narmada Nigam Ltd.
Shipping Corporation of India
Sponge Iron India Limited
Steel Authority of India Limited
Tamil Nadu Newsprint & Papers Ltd.
Telecommunications Consultants India Limited
The Fertilisers and Chemicals Travancore Limited
The State Trading Corporation of India Ltd.
Videsh Sanchar Nigam Limited
Water and Power Consultancy Services (India) Limited
03 September 2009
Also check this link >> http://www.sarkaritel.com/psu/index.htm
03 September 2009
The term is used to refer to companies in which the government (either the Union Government or state or territorial governments, or both) owned a majority (51 percent or more) of the company equity
03 September 2009
Hi, Prakash,
Then why some of the companies employing joint auditors are not banks and they are private in ownership.
Since joint auditors are generally more costly..It's really strange.
Why these private in nature(ownership)listed companies choose to employ joint auditors (rather than one audit firm), since they are not required must to do so by law?
(as Q2 unresolved)
Many thanks!
Then why some of the companies employing joint auditors are not banks and they are private in ownership.
Since joint auditors are generally more costly..It's really strange.
Why these private in nature(ownership)listed companies choose to employ joint auditors (rather than one audit firm), since they are not required must to do so by law?
(as Q2 unresolved)
Many thanks!
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