Section 33 of The Road Transport Corporations Act, 1950
Accounts and audit.
1[33. Accounts and audit.--(1) The Corporation shall maintain proper accounts and other records and prepare an annual statement of accounts including the profit and loss account and the balance sheet in such form as may be prescribed by the State Government in consultation with the Comptroller and Auditor-General of India.
- (2)The accounts of a Corporation shall be audited annually by the Comptroller and Auditor-General of India or his nominee and any expenditure incurred by him in connection with such audit shall be payable by the Corporation to the Comptroller and Auditor-General of India.
- (3)The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of a Corporation shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts, and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Corporation.
- (4)The accounts of the Corporation as certified by the Comptroller and Auditor-General of India or any person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the State Government; and that Government shall cause the same to be laid before 2[each House of Parliament].]
Summary
- The corporation must keep careful records of all its money and prepare annual financial statements.
- The State Government and the Comptroller and Auditor General of India decide how these records should be formatted.
- Every year, the Comptroller and Auditor General of India must check the corporation's books to ensure they are correct.
- The corporation has to pay for the cost of this annual audit.
- The final audited accounts must be given to the State Government and presented before each House of Parliament.
Practical examples
FAQ
1. Who audits the accounts under Section 33 of the Road Transport Corporations Act, 1950?
Under Section 33 of the Road Transport Corporations Act, 1950, the accounts are audited annually by the Comptroller and Auditor General of India or their nominee.
2. Who pays for the audit under the Road Transport Corporations Act?
Section 33 of the Road Transport Corporations Act, 1950, states that any expenditure for the audit shall be payable by the corporation.
3. Where are the final audited accounts sent under Section 33 of the Road Transport Corporations Act, 1950?
According to Section 33 of the Road Transport Corporations Act, 1950, the certified accounts and report are sent to the State Government to be laid before each House of Parliament.
4. Does the Auditor General have the right to inspect offices under the Road Transport Corporations Act?
Yes, Section 33 of the Road Transport Corporations Act, 1950, gives the auditor the right to demand production of books and inspect any office of the corporation.
Test yourself
1.Under Section 33 of the Road Transport Corporations Act, 1950, who helps the State Government prescribe the form for accounts?
2.What specific power does the auditor have under Section 33 of the Road Transport Corporations Act, 1950?
3.According to Section 33 of the Road Transport Corporations Act, 1950, where must the State Government lay the final audit report?
4.How often must an audit be performed under Section 33 of the Road Transport Corporations Act, 1950?