Business Daily from THE HINDU group of publications
Friday, Oct 20, 2006
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Business Daily from THE HINDU group of publications Friday, Oct 20, 2006 ePaper |
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Industry & Economy
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Regulatory Bodies & Rulings `Audit should be enabler, not fault-finder' Our Bureau
LAYING THE FOUNDATION: The President, Mr A. P. J. Abdul Kalam, flanked by the Finance Minister, Mr P. Chidambaram, and the Comptroller and Auditor General of India, Mr Vijayendra Nath Kaul, at the foundation stone laying ceremony of the office of CAG in the Capital on Thursday. - Ramesh Sharma
New Delhi , Oct 19 The President, Mr A.P.J. Abdul Kalam, said on Thursday that audit should be an "enabler" for accomplishing missions, meeting the objectives rather than an "ex-post-facto faultfinder". The President laid the foundation stone for the new building of the Comptroller and Auditor General of India (CAG) here. Addressing the gathering, the President said that one of the requirements was to have a lifecycle participation of audit as a partner and called for an effective audit function, with a continuous pro-active and forecasting outlook, saying this was the need of the hour for successful completion of projects within the established code of conduct. Mr Kalam said that the focus of audit should be to ensure that the money invested was in tune with the overall mission objective. He said that the systems should be such that it rewards high performance and weeds out unethical elements. At the same time, the very act of audit should not become a delay column for the project. The knowledge of auditors for the given task has to be enhanced because the projects of the 21st century will have multi-disciplinary inputs, he said. He suggested that the process of audit should become online for better results, and advised installation of e-governance system for project management and monitoring at the commencement of the project itself; he also stressed that the new CAG building should be e-enabled.
e-audit
"The CAG new building has to be designed to meet the tasks of e-audit. Such an approach will ensure completion of the audit routine almost simultaneously with the accomplishment of the project," Dr Kalam said. Advising the CAG to follow a six-pronged strategy or mission, the President asked the official auditor of the Government accounts to ensure that project or programme is completed as envisaged. CAG should also forecast challenges for effective fiscal utilisation and providing useful inputs for maintaining the momentum of the project, he said. Speaking on the occasion, the Finance Minister, Mr P. Chidambaram, said that auditing is not just a faultfinding work and asked CAG to take forward performance auditing as people are more interested in the outcome of the project concerned and not the expenditure incurred on it. Performance auditing is required to ensure that outlays resulted in necessary outcomes, the Finance Minister said.
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