The Comptroller and Auditor General of India (CAG) GC Murmu on Friday asked the CA Institute to reach out to regulators, interact and provide them real time information.

Addressing the 74th Chartered Accountants day celebrations of the ICAI, Murmu highlighted that providing of real time information can further strengthen the present framework and bring synergies among the regulators.

Murmu also highlighted the expectation gap  — what the statutory audit mechanism is designed by law to do versus what the stakeholders expect the auditors to be — that the audit profession not only in India but across the world is encountering. 

“While this seems like a daunting expectation to deliver, in reality all it calls for is integrity, courage of conviction, constant updating of knowledge and running the course without fear or favour”, Murmu said.

Murmu urged the Chartered Accountants fraternity to play a larger role in the MSME space. “ While CAs do provide audit and compliance support, there is a specific opportunity to engage with MSMEs as financial advisors to help them build scalable businesses with robust processes”, he said.

The CAG also saw a more proactive role for the chartered accountants in helping smaller urban local bodies and most of the Panchayati Raj Institutions improve their accounting systems.

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