Amendment to PFRDA (Preparation of Financial Statements and Auditor’s Report of schemes under National Pension System) Guidelines-2012 under Schedule A- Part VI (Auditor’s Report)

[Image omitted. See the official document.]

CIRCULAR

To, All Pension Fund Managers, CRA Custodian Trustee bank NPS Trust Auditors

PFRDA/2013/8/PFM/2

Date: 11-04-2013

Sub: Amendment to PFRDA (Preparation of Financial Statements and Auditor’s Report of schemes under National Pension System) Guidelines-2012 under Schedule A- Part VI (Auditor’s Report)

Amendment to “Part VI (Auditor’s Report)” of Schedule A of PFRDA (Preparation of Financial Statements and Auditor’s Report of Scheme under National Pension System) Guidelines-2012 is as follows:

A. Insertion of Sub- Para 5 under Para (ii) of Part VI of Schedule A : “The Balance Sheet and Revenue Account of the Scheme dealt with by this Report comply with the” PFRDA (Preparation of Financial Statements and Auditor’s Report of Scheme under National Pension System) Guidelines-2012” and the Accounting Standards notified under the Companies Act, 1956 to the extent made applicable by PFRDA (Preparation of Financial Statements and Auditor’s Report of Scheme under National Pension System) Guidelines-2012.

B. Para (iv) of Part VI of Schedule A is amended as follows:

“The Auditor shall further certify that:

1. Investments have been valued in accordance with the guidelines issued by the Authority.
2. Transaction and claims/fee raised by different entities are in accordance with the prescribed fee.”

C. Insertion of Para (V) to Part VI of Schedule A: - “The Auditor shall submit a separate report called as NPS scheme - Detailed Audit Report (to be referred as NPS-DAR) along with the scheme audit report / scheme accounts for a particular financial year. A copy of the said Audit Report should be given to the Board of Pension Fund Manager. The contents of the report would be based on the format prescribed by Authority/NPS Trust. The Board of Directors of PFM should submit a Compliance Report within two months of the receipt of Detailed Audit Report. NPS- DAR will be a combined report for all the NPS Schemes.”

This circular is being issued in terms of resolution issued by MOF (DEA-ECB and PR division) dated 10th October 2003.

Mamta Rohit (Chief General Manager)