This session was a part of the process of the audit planning exercise carried out by the CAG annually, as per the statement
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An interactive session was organised by the Office of the Comptroller and Auditor General of India (CAG) with some of the important ministries of the central government of India on Monday.
According to the official statement, the aim of the session was to identify the schemes, projects and activities of the government that the ministries would like CAG to evaluate and provide audit opinion and assurance on their implementation, outputs and outcome.
This session was a part of the process of the audit planning exercise carried out by the CAG annually, as per the statement.
Rakesh Mohan, Deputy Comptroller and Auditor General (RC) pointed out that the audit process is the shared constitutional responsibility of the CAG and the ministries. The government representatives were briefed on the structure of audit, approach, criteria and types of audit reports, jurisdictions of various offices under CAG and positive outcomes of previous audit reports on governance in India.
Mohan added that the outcome of previous interactive sessions was also discussed and useful impacts of such interactions were highlighted.
K. Sriram, Deputy Comptroller and Auditor General (CRA) and Technical Officer highlighted the need for real-time data sharing between the auditor and auditee for the correct opinion of the auditor on the financial statements of the ministries.
Sriram also said that the issues critical to audit such as delay in submission of approved accounts by Central Autonomous Bodies(CABs) to Audit, critical delay in receipt of reply to audit observations and draft paras to CAG and entrustment of audit of CABs were put forth.
He added that huge savings and surrender of the funds at the fag end of the financial year was also highlighted. Ministries were also briefed about the recent subject matter selected by the PAC from the CAG’s Audit Report.
It was agreed that a synergetic approach between the auditor and auditee would go a long way to present a correct, true and fair view of the financial health of Ministries, CABs, Authorities and Corporations of the government, the statement read.