KIIFB is a body corporate constituted by State Government under KIIF Act
Amit Chettupuzha
THIRUVANANTHAPURAM: Kerala Infrastructure Investment Fund Board (KIIFB has appointed Suri & Co, Chartered Accountants (FRN 004283S) as the statutory auditors of KIIFB for a period of three years from FY 2024-25 till the financial year 2026-27 FY27, according to an official note issued by KIIFB.
KIIFB is a body corporate constituted by the State Government under the KIIF Act on 11 November 1999, to manage the Kerala Infrastructure Investment Fund.
Whether KIIFB has to undergo a full audit by Comptroller & Auditor General (CAG) of India has long been a contentious issue.
CAG audits government companies under the Companies Act 1956 and Companies Act 2013. This includes companies that are considered government companies under the Companies Act.
The CAG also audits government-owned corporations and supplementary audits of government companies where the government has at least 51 per cent equity.
Currently, CAG audits KIIFB under Section 14(1) of the Comptroller & Auditor General of India (Duties, Powers and Conditions of Service) Act, 1971. This section stipulates that the CAG audits all receipts and expenditure.
No comprehensive audit by CAG
However, since the governmental consent has not been obtained, till date, and further since the application of section 20(2) itself is in question, CAG is left with no option but to proceed with conducting an audit of all receipts and expenditure as stipulated under section 14(1) as a consolation.
