EPFO audit shows serious gaps in management of provident fund accounts

While the audit is still in progress, some of the reports have been submitted to the EPFO headquarters for necessary action

An internal audit conducted by the Employees’ Provident Fund Organisation (EPFO) has thrown up major discrepancies in the way it has been managing the provident fund accounts and settling dues.

Some of the accounts of formal sector workers, whose provident fund savings are parked with the EPFO, showed “negative” or “adverse” balance. According to EPFO officials, in a few cases, the audit observed negative balance to the tune of Rs 100,000 or more.

This, officials said, might be a result of fraud or accounting errors. In some cases, employees or EPF subscribers might have been paid more than their savings