Delhi-based CA firm hired to audit PM CARES Fund

Delhi-based chartered accountancy firm SARC & Associates has been hired to audit the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund, according to information given by the fund’s administrators.

The independent auditor has been appointed for three years. The audit will be conducted at the end of a financial year, as per details given in the set of frequently asked questions on the Fund. The appointment is significant because critics have questioned the rationale for a fund other than the Prime Minister’s National Relief Fund (PMNRF) for relief work and have also sought more transparency about the usage of monies from the Fund.

The FAQs posted on the site of the Fund additionally said it is being



directed by two authorities in the Prime Minister's Office on a privileged premise. 

Beneficent trusts get annual expense exception and along these lines need to get reviewed by a contracted bookkeeper and report to the duty office. In the course of the most recent couple of years, the office has fixed the standards administering magnanimous trusts to guarantee that finances got are utilized for proposed objective and to support consistence. The office has likewise ventured up exposure necessity of trusts in the review reports.

Contributions made to the PM CARES Fund are exempt from income tax. Also, contributions by profit making firms are counted as corporate social responsibility spending that they are mandated to undertake under the Companies Act.