CAG Exposes Massive Account Backlog in Jammu and Kashmir PSUs and Autonomous Bodies

The Comptroller and Auditor General (CAG) reports a severe backlog in finalising accounts of Public Sector Undertakings (PSUs) and autonomous bodies in Jammu and Kashmir. Persistent delays compromise transparency and oversight. The CAG recommends adherence to timelines to enhance financial discipline and governance, warning that several entities have significant arrears.

In a scathing report, the Comptroller and Auditor General (CAG) has highlighted a significant backlog in the finalisation of accounts for Public Sector Undertakings (PSUs) and autonomous bodies in Jammu and Kashmir as of March 31, 2024.

The CAG urged the government to uphold strict timelines to foster financial discipline and transparency. According to the report, only four companies had accounts audited up to 2022-23, while 35 companies had 139 accounts with delays ranging from one to twelve years.

The backlog impedes transparency and legislative scrutiny. Key defaulters include the Jammu and Kashmir Overseas Employment Corporation Ltd with 12 pending accounts and the Compensatory Afforestation Management and Planning Authority with 14 pending accounts. The CAG stressed immediate action is necessary to improve accountability and governance.