President Droupadi Murmu
Credit: PTI Photo
New Delhi: Underscoring the importance of timelines in auditing public finance, President Droupadi Murmu on Tuesday said if a wrong is pointed out well within time, it can be corrected and help save huge amount of public money.
She emphasised the need for audit bodies keeping pace with technological evolution in order to be able to perform its oversight functions effectively as more and more public services are being delivered using technology.
"What is equally important for effective auditing of public finances is timeliness. If a wrong is pointed out well within time, it can be corrected," she said while addressing the 16th Assembly of Asian Organization of Supreme Audit Institutions (ASOSAI) here.
This implies that an auditor is entrusted with the task of not only pointing out faults but also suggesting a way out to improve the quality of governance, she said.
The mandate of public sector audits has expanded beyond traditional auditing to include assessing the effectiveness of public welfare schemes and projects, ensuring that they serve all citizens equitably, she said.
In an increasingly technology-driven world, more and more public services are being delivered using technology, she said, adding, audit, therefore, needs to keep up with technological evolution in order to be able to perform its oversight functions effectively.
"With Asia emerging as the continent that is setting the global economic agenda, all of you carry the onerous task of improving the lives of more than half of humanity," she said.
Observing that the profession of audit and accounting is as old as civilisation itself, she said "we have scriptures which talk about how fiscal prudence and financial probity are critical elements of statecraft." Similar references can also be found in the civilisational journey of Egypt, Greece and Rome.
The CAG of India plays a key role in ensuring transparency and accountability in the country's public finance, she said.
It was not without reason that the Indian Constitution vested the office of CAG with a wide mandate and complete autonomy, she said.
While explaining the role of CAG in the Constituent Assembly, she said Babasaheb Ambedkar, the architect of our Constitution, had aptly described the CAG as "the most important officer in the Constitution of India'.
Appreciating the work of the office of CAG, the President said, it follows a strict code of ethical and moral conduct that ensures the highest order of probity in its functioning.