CAG flags massive backlog in PSU and autonomous body accounts in Jammu-Kashmir

The Comptroller and Auditor General CAG has flagged a massive backlog in the finalisation of accounts of Public Sector Undertakings PSUs and autonomous bodies in Jammu and Kashmir with large number of accounts remaining in arrears as on March 31 2024 The CAG urged the UT government to ensure strict adherence to timelines for preparation and submission of accounts to strengthen financial discipline transparency and governanceThe audit panel warned that the persistent backlog undermines transparency and legislative oversight and recommended that the government ensure companies corporations and autonomous bodies submit their annual accounts within a stipulated timeframeThe CAG report on Union Territory UT finances for the year ended March 31 2024 said Accounts in respect of only four companies were audited up to 202223 In respect of 35 companies and corporations audit of 139 accounts was in arrears for periods ranging from one to twelve yearsAccording to the report eight autonomous bodies have together failed to submit 40 annual accounts with delays ranging from three to 14 years The CAG stressed that delays in finalisation of accounts keep the results of government investments outside legislative scrutiny hampering timely corrective measures and weakening accountabilityThe report highlighted that several key entities have accumulated significant arrears Jammu and Kashmir Overseas Employment Corporation Ltd tops the list with 12 pending accounts since 201011 followed by Jammu and Kashmir Minerals Limited and two inactive companies Jammu and Kashmir International Trade Centre Corporation Ltd and Jammu and Kashmir Road Development Corporation Ltd each with nine years of arrearsJammu and Kashmir Cable Car Corporation Ltd has eight pending accounts since 201415 while Jammu and Kashmir Medical Supplies Corporation Ltd has seven accounts pending since 201516 it added Jammu and Kashmir Police Housing Corporation Ltd has six years of arrears and Jammu and Kashmir Asset Reconstruction Ltd also has six accounts pending since 201718Among other major defaulters Jammu and Kashmir Power Development Corporation Ltd has five accounts pending since 201718 while the Jammu and Kashmir Entrepreneurship Development Institute JKEDI has five pending accounts with no accounts submitted since 201819 it said Several infrastructure and transportrelated entities also reported delaysJammu and Srinagar Mass Rapid Transit Corporations have four accounts pending each since 201920 while Jammu and Kashmir Power Transmission Corporation Ltd Jammu and Kashmir Power Corporation Ltd and Srinagar Smart City Ltd have four pending accounts each Jammu Smart City Ltd has three accounts pending while Jammu and Kashmir Forest Development Corporation Ltd has three pending accountsThe report further noted that multiple corporations including Jammu and Kashmir Projects Construction Corporation Ltd and Jammu and Kashmir Handicrafts Sales and Export Development Corporation Ltd have four pending accounts each Among eight autonomous bodies the CAG said that the Compensatory Afforestation Management and Planning Authority CAMPA accounts for the highest pendency with 14 accounts pending from 200910 to 202223Similarly ShereKashmir University of Agricultural Sciences and Technology SKUAST Srinagar and Jammu have three pending accounts each for the period 202021 to 202223 Jammu and Kashmir Employees Provident Fund Organisation EPFO has not submitted four accounts from 201516 to 201819 it addedOther bodies with arrears include Jammu and Kashmir Housing Board four accounts Khadi and Village Industries Board three Building and Other Construction Workers Welfare Board four and State Legal Services Authority five it added Similarly accounts of the Food Civil Supplies and Consumer Affairs departments in Kashmir and Jammu have remained pending for decades with some periods dating back to the 1970s it saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever