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CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework

IFSCA is audited by the CAG, whose team asks to see vouchers and inspect an IFSCA office at GIFT City. IFSCA's officer says the audit team can see only the final annual statement. Under the IFSCA Act, 2019, what is the correct position?

The officer is wrong. The CAG and any person he appoints have the same rights as in auditing Government accounts. They may demand books, accounts, vouchers and other documents and inspect any office of the Authority, without needing the Chairperson's approval or a court order.

  1. ACorrect, because the CAG may only review the annual statement of accounts
  2. BIncorrect; the CAG and persons appointed by him have the same rights as in auditing Government accounts, including demanding books, vouchers and documents and inspecting any office of the AuthorityCorrect
  3. CIncorrect, but the CAG may inspect only with the prior approval of the Chairperson
  4. DCorrect, because inspection of offices requires a court order

Explanation

Section 16(3) gives the CAG and his appointees the same rights, privileges and authority as in auditing Government accounts. This includes demanding books, accounts, connected vouchers and other documents and inspecting any office of the Authority. No approval from the Chairperson or a court is needed.

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