President Emphasizes Timeliness in Public Finance Auditing

President Droupadi Murmu highlighted the importance of timely auditing in public finance to correct mistakes and save public money. She urged audit bodies to keep up with technological advances to effectively oversee public services. She praised the role of the CAG in ensuring transparency and accountability.

President Droupadi Murmu on Tuesday underscored the critical role of timeliness in auditing public finance, stressing that timely identification of errors allows for their correction and can save substantial public funds.

She called for audit bodies to adapt to technological advancements to effectively perform their oversight functions, as more public services are delivered through technology.

Speaking at the 16th Assembly of the Asian Organization of Supreme Audit Institutions (ASOSAI), Murmu emphasized that auditors should not only identify faults but also suggest improvements to enhance governance quality.

She noted that public sector audits now extend beyond traditional auditing to include the assessment of public welfare schemes for equitable service delivery to all citizens. As Asia sets the global economic agenda, Murmu highlighted the significant responsibility carried by auditors in improving the lives of more than half of humanity.

The President also acknowledged the long history and importance of the audit and accounting profession, citing ancient scriptures and civilizational references from Egypt, Greece, and Rome.

She praised the Comptroller and Auditor General (CAG) of India for playing a key role in ensuring transparency and accountability in public finance, noting that the Indian Constitution grants the CAG a wide mandate and autonomy.

Murmu highlighted the ethical and moral conduct adhered to by the CAG, ensuring high standards of probity in its operations, quoting Babasaheb Ambedkar on the importance of the CAG's role in the Indian Constitution.

(With inputs from agencies.)