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| Dear Members, |
| We would like to inform that Office of C&AG of India has advised Managing Directors of all Government Companies to review/revise the audit fee appropriately considering the volume of work, category of professionals deployed, for the job, efforts, man hours required to carry out the audit, rise in the cost of audit due to inflation and growth in the companies and also additional responsibilities laid on the auditor of PSU like submission of report under section 619(3) of the Companies Act, 1956 under intimation to the Office of C&AG of India. Therefore we request you to proceed accordingly while accepting Statutory Audit of Government Companies. |
| Regards Professional Development Committee |