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 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

Likely to get CAG audit exemption
February, 03rd 2010

Aimed at encouraging research and teaching activities, the proposed 14 Innovation Universities are likely to get exemption from CAG audit, a privilege currently enjoyed by institutions like Bhaba Atomic Research Centre, Atomic Energy Commission and ISRO.

Expenditure on teaching and research by the Innovation Universities, which are proposed to be set up during the 11th Plan period, would kept be out of the scrutiny of Comptroller and Auditor General, a final concept note prepared by the HRD Ministry said.

However, the exemption will not extend to expenditure on administration and non-academic areas. Accountability will be ensured by two peer groups -- one for research and another for course work and teaching, it said.

These provisions are aimed at encouraging research and teaching activities in the universities, it said, adding India has been lagging behind in the former.

While 4,700 professionals per a million people are engaged in research in Organisation for Economic Co-operation and Development (OECD) countries, the number is a meagre 156 in India, the concept note observed.

These universities will follow a 'cafeteria approach' in designing courses at under-graduate, post-graduate and research levels, where a large variety of disciplines will be offered.

Since boundaries in various disciplines tend to crumble, faculties can coordinate to introduce courses based on needs, it said.

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