The Comptroller and Auditor General of India (CAG) is expected to complete the special audit of the accounts of KG Basin oil and gas fields of Mukesh Ambani-owned Reliance Industries Ltd (RIL) by February next year, a top official said.
The apex government accounting body, CAG, was entrusted with the task of auditing the RIL books after it was alleged that former Directorate General of Hydrocarbons, V K Sibal, had shown undue favour to RIL in exchange for certain favours to his kin.
"That (audit) will take time...we have started the audit...it will take at least 6-8-months," Comptroller and Auditor General, Vinod Rai, said.
He was responding to a query as to when he expected the special audit to be completed. CAG was asked by the Petroleum and Natural Gas Ministry to audit the accounts of RIL. Replying to another query on the special audit of telecom companies for alleged revenue leakage, Rai said that his report was likely to be tabled in Parliament during its Winter Session.
"Hopefully, we will be able to table the report in the Winter Session," Rai said. There were several audits that the CAG was presently carrying out, Rai said, adding, "these take normally 4-5-months to complete."
In April 2009, the government had ordered a special audit of the account-books of top private cellphone companies, including Reliance Communications, Bharti Airtel, Vodafone Essar, Tata Teleservices and Idea Cellular, to ensure that they have correctly reported and shared revenue with it. The companies have, however, questioned the CAG's authority to conduct such an audit.
