- 3.1 The Commission may, at any time, conduct audits of regulated entities for verifying their compliance with the Act, rules, regulations made thereunder, orders and directions issued by the Commission.3.2The Commission may, by order, empanel consultants/auditors required to assist the Commission in the discharge of these functions on the terms and conditions as deemed fit.3.3The Commission may either appoint consultants/ auditors empanelled with it for an audit or go through the process of fresh selection, if required for a specific need.3.4The Commission may also consider the single source selection of consultants/auditors in exceptional cases where it is appropriate duly mentioning the reasons for such single source selection.3.5The Commission before initiating an audit will frame the terms of reference which will detail out the specific outputs that are to be provided by the Consultant / Auditor in relation to the task, the timeframe in which the task has to be completed and other terms relevant to the task.3.6The Commission shall assign, through an Order, the specific task of audit to the consultant / auditor based on the terms of reference framed by it before the audit of the regulated entity starts.
