Tasmac to hire internal audit firms to monitor retail vending shops

CHENNAI: In a bid for transparency, Tamil Nadu State Marketing Corporation (Tasmac) will be hiring firms for conducting internal audits. The audit firm, comprising CA experts and other accounting staff, will also conduct audits in all the retail Tasmac retail vending shops.

A senior official from Tasmac said that the selected firm will ensure that the audit team should also consist of a minimum of four semi-qualified assistants/article clerks for auditing a maximum of 120 retail vending shops within 15 days per month (at one audit staff for two shops per day for 15 days in a month). At present, there are about 5,300 liquor outlets across the State.

The audit in the liquor shops includes checking the cash and stock register. Stating that all the audit reports which were done in the liquor outlets will be submitted to Tasmac for further action.

"The audit will discuss each and every aspect concerning the internal audit function and the internal audit reports with the unit head before submitting the audit report to Tasmac,” he added.

The official said that all internal audit reports will contain compliance reports on the unsettled audit observations in the previous internal audit reports issued by Tasmac. He said the monthly audit of each Tasmac district manager's office would be undertaken for a minimum period of five working days by two audit staff.

"Special audit report will also be submitted within 24 hours upon detection of major irregularity in the course of audit,” the official added. He said that the selected audit firm will begin its work in the coming new financial year.