Explore the latest developments as the Comptroller and Auditor General of India adopts an end-to-end digital framework, delving into new audit areas like underwater extraction industries. Discover the benefits of this transition, focusing on accuracy, efficiency, and the incorporation of technology for improved audit processes.
Abstract:-
Comptroller and Auditor General of India, the supreme audit institution of the country, will be exploring new audit areas, like extraction industries underwater and releasing more reports as the apex government auditor adopts end-to-end digital framework from this fiscal year.
Introduction:-
In a media interaction post the three-day SAI20 Summit under the Indian Presidency of the G20 here, CAG Girish Chandra Murmu, the chairman of CAG also stressed the need for data standardisation to make audits easier and faster.
The CAG, he said had held a seminar with respective departments and ministries in this regard. They have agreed to certain level of data standardisation, “We surpassed the ten years record last year. It (audit reports) will further increase. Data processing and report preparation will be faster,” Murmu told media persons after the conclusion of the meeting of national auditors of G20 nations in Goa from June 12-14, adding that the CAG will adopt end to end digitalisation to prepare audit reports.
The CAG audit reports are placed before Parliament and state legislative assemblies. The apex auditor would be exploring new audit areas, like shipping and extraction industries underwater, Murmu said.
The CAG has started end-to-end digital audits from this year onwards. The move will help improve the accuracy of audits and expedite the process. Murmu also said the use of technology like drones and satellites has already become an integral part of the auditing process, which lends it more accuracy.
Synopsis:-
The summit focused on two priority areas Blue Economy and Responsible Artificial Intelligence (AI). Murmu in his valedictory address at the summit, highlighted that collectively, SAIs have chartered a path to heighten efficiency, accountability and transparency in the optimized maturing of the new-age areas of the Blue Economy and Artificial Intelligence.
As many as 85 National and International delegates from G20 member SAIs, Guest SAIs, Invited SAIs, International Organizations and other Engagement Groups attended the event.
Supreme Audit Institutions (SAIs) of G20 nations on Wednesday pledged to cooperate and collaborate to deal with the challenges of auditing frontier spheres of blue economy and artificial intelligence.
The communique, issued at the end of the Supreme Audit Institutions-20 (SAI20) Engagement Group, set up under India’s G20 Presidency, also underlined the need for optimal governance in the use of AIs to ensure transparency and accountability under the existing legal and regulatory framework.
Focus area of SAI20 Summit:-
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- Exploration of new audit area such as shipping and underwater extraction areas.
- Set out the policies and rules regarding such new areas of auditing.
- Development of Data Standardization to make audit process easier and faster.
- Implementation of end to end digital audits to improve accuracy in Auditing.
- The uses of tech products in auditing as integral part of auditing process.
So these are the major focus area on which the CAG is going to stressed from the fiscal year to improve the accuracy and effectiveness of audit areas.
Benefits of the new policies:-
The CAG, has planned to explore and implement these newly introduced policies in the auditing areas and ready to take move for the purpose of maintain the accuracy, integrity and efficiency of audit procedure.
Following are the benefits derived out from this implementation.
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- Introduction of new scope of auditing in shipping and extraction areas.
- Digitalization of audit procedure provides high accuracy and time saving model.
- Utilization of tech end products to makes the procedure easier and faster.
- Increase reliability on audit reports and more focused on audit deliveries.
- Implement the new tech based tools to use in auditing procedure.
- Increase demand of audit professionals, which as increase in employability.
Conclusion:-
CAG is the apex body of auditing and the head of the Indian audit & account department and chief Guardian of Public purse. It is the institution through which the accountability of the government and other public authorities (all those who spend public funds) to Parliament and State Legislatures and through them to the people is ensured. So as a regulatory function in such area the CAG is exploring the new the area of audit and to implement the digital framework in auditing, it is planning to set out policies and regulation for the same for the. These ongoing policies helps to achieve the purpose the institute to maintain reliability of data, integrity, public trust and maintain the decorum of auditing procedure in all sector underneath of law and regulatory act of the country.
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