ANNUAT STATEMENT OF ACCOUNTS E AUDIT REPORT .2012-13

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MEMBERS OF THE COMMISSION

Chairperson

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Member

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Smt. Romila Dubey IAS

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Sh. Virinder Singh

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Sh. Gurinder Jit Singh

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Sh, Pirt Paul Garg

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Member

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Secretary

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TABLE OF CONTENTS

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u'r 6:Page No.

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Audit Certificate and Report

Balance Sheet

lncome and Expenditure Account

Statement of Receipts & Payments Accounts

Schedules to the above Financial Slatement

Schedules to the Receipts and Payment Accounts

Notes and lnstructions for the Schedule

Statement of Depreciation on Assets - Annexure - A

Accounting Policy of the Commission - Annexure - B

1-3

6-7

8-9

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12-20

21-22

23

24-26

27

29-31

34-35

36-37

38-39

40-48

49-50

51

52-54

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2.

L

Separat6 Audit Report of the Comptroller & Auditor General of lndia on the Accounts ofPunjab State Electricity Regulatory Commission forthe year ended3i March2013.

we have audited the attached Barance sheetofpunjab state Erectricity Reguratory commissionas at 31 March, 2013 and the lncome and Expenditure Account and Receipts & paymentsAccount for the year ended on that date under Section 104(2) ofthe ElectricityAct, 2OO3i. Thesefinancial statements are the responsibility of the punjab State Electricity RegulatoryCommission. Our responsibility is to express an opinion on these financial statements based onouraudit.

This separateAudit Report contains the comments ofthe comptroller &Auditor General of lndia(CAG) on the accounting treatment only with regard to classification, conformity with the bestaccounting practices, accounting standards and disclosure norms, etc. Audit observations onfinancial transactions with regard to compliance with the Law, Rules & Regulations (proprietyand Regularity) and efficiency-cum-performance aspects, etc., if any are reported throughlnspection Reports/ CAG'sAudit Reports separately.

We have conducted our audit in accordance with auditing standards generally accepted in lndia.These standards require that we plan and perform the audit to obtain reasonable assuranceabout whetherthe financial statements are free from material misstatements. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evalualing the overall presentation of financialstatements. We believe that our audit provides a reasonable basis forour opinion.

Based on ouraudit, we report that:

i) We have obtained allthe information and explanations, which to the best ofour knowledgeand beliefwere necessary forthe purpose ofouraudit;

ii) The Balance Sheet and lncome and Expenditure Account and Receipts & paymentsAccount dealt with by this report have been drawn up in the format approved by the StateGovernmentunderSection'104 of the ElectricityAct, 2003.

iii) ln our opinion, proper books of accounts and other relevant records have been maintainedby the Commission as required under Section .l 04 of the Electricity Act, 2OO3 in so far as itappears from ourexamination ofsuch books.

1 Etstwhite Etectrbity Regulatory Commission Act, l ggA reptaced by Electric& Act, 2003.

3.

4.

29

AUDIT CERTIFICATE

iv)

(A)

We further reportthat:

Balance Sheet

Current Liabilities and Provisions (Schedule-3)

Provisions <3.63 Lakh

Note No. 4 to the Balance Sheet, lncome & Expenditure Account and Receipt & Payment

Account is deficient to the extent that the amount of liability of arrears of salary of < 21 10

lakh, due to revision of pay scales, has not been disclosed.

Notes to theAccounts

A reference is invited to Note No. 3 wherein it has been stated that "No deprecialion on

assets has been provided in the Balance Sheet and lncome & Expenditure Account An

amount of< 953698/- has been shown as Depreciation on Straight Line Method" The Note

is deficient and the amount of depreciation should have been { 140.94 lakh upto the year

2012-13 in the Note.

Subjectto ourobservations in the preceding paragraph, we reportthat in ouropinion and to

the best ofour information and according to the explanations given to us, the said financial

statements read togetherwith theAccounting Policies and Notes onAccounts and subject

tothesignificantmatterstatedaboveandothermattersmentionedinAnnexuretothisAuditReportgive a true and 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 the Commission as

at31 March2013;and '

b) ln so far as it retates to the lncome and Expenditure Account of the surplus for the year

ended on thatdate.

For and on behalfoftheComptroller &Auditor General of lndia

sd/-

Accountant General (Audit), Puniab

v)

Place : Chandigarh

Date:08.05.2014

30

Annexure to the Separate Report Audit on Annual Accounts of PSERC

for the year 2012-13

l. Adequacy of lnternalAudit System :

lnternalAudit System in PSERC is inadequate and not commensurate with its activities.

2. Adequacy of lnternalControlSystem :

The lnternalControlsystem is adequate and commensurate with thesizeand natureof activities

of the Commission.

3. System of Physicalverification of fixed assets & invenlories :

Fixed assets and lnventories have been physically verilied by the Commission for the year

2012-13.

4. Regularity in payment ofstatutory dues:

The Commission is regular in depositing the undisputed statutorydues

sd/-

Resident Audit Officer

31

PUNJAB STATE ELECTRICITY REGULATORY COMMISSION

S.C,O, 220-221, SECTOR 34-A, CHANDIGARH

FINANCIAL STATEMENTS

FOR THE YEAR 2012.13

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