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CAG can play vital role in dealing with economic crisis:Rai

Auditors can play an important role in helping countries deal with economic crises by suggesting mid-course corrections, Comptroller and Auditor General (CAG) of India Vinod Rai said Wednesday.



Jaipur: Auditors can play an important role in helping countries deal with economic crises by suggesting mid-course corrections, Comptroller and Auditor General (CAG) of India Vinod Rai said Wednesday.

"These are momentous times in the histories of many nations. New paradigms are evolving in the political systems of some countries. Global economy is undergoing stressful times and nations are seeking novel solutions to critical problems. All these events pose major challenges to the supreme audit institutions (SAIs) of our countries."

"Our community of SAIs has not been a bystander while these events have been unfolding... Our reports provide an opportunity to the government to make mid-course corrections and improve service delivery," Rai said while addressing the 12th Assembly of the Asian Organisation of Supreme Audit Institutions (ASOSAI).

ASOSAI is one of the regional groups of the International Organisation of Supreme Audit Institutions (INTOSAI).

Rai further said the role of government auditor has extended to being a powerful trustee of public good from merely being an auditor of financial transactions.

"The role of SAIs has expanded from being merely an auditor of financial transactions of the Government to that of a promoter of an organisation's performance and to act as a powerful trustee of public good," he said.

SAIs is a generic expression used for auditors general all over the globe.

He also pointed how auditing mechanism has evolved over the time.

"Traditionally, Public Audit was rule-based and was concerned with probity and compliance alone. Recently, increasing demands from stakeholders to know more about performance and results has altered the perception of the role of the auditors general in most countries," Rai said.

Speaking on the occasion, Muhammad Akhtar Buland Rana, the Auditor General of Pakistan, said the SAIs are important pillars of good governance.

"They play an important role in ensuring that public resources are managed and utilised with financial propriety and in compliance with the laws and rules," Rana said.

The four-day ASOSAI meeting here is being attended by 42 member countries, represented through 181 accountants general. As many as 16 observers from the United Nations and other such multilateral agencies are also attending the assembly, which is held once in three years.

The International Organisation of SAIs (INTOSAI) comprises of accountants general from 189 member countries. They also have regional associations such as ASOSAI, EUROSAI, and AFROSAI among others.

ASOSAI is the largest regional organisation with a membership of 45 nations.

PTI

From Zee News

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