Auditing of local bodies key as India aims to touch $5 trillion economy: CAG

As India aims to touch the $5 trillion economy by 2025, credible accounting amid expanded use of technology and digital payments will be key along with upgradation of existing data analysis tools, Comptroller Auditor General of India GC Murmu said today. He also stressed the need for proper auditing of the country’s local bodies, which come under the ambit of the state governments.

Murmu, who is chairing the Shanghai Cooperation Organisation Supreme Audit Institutions conference in Lucknow said the state governments must be agile in feeding information.

The three day SCO SAI conference kicked off in Lucknow today.

“We have a common minimum agenda for the local bodies,” he said.

An audit undertaken by the CAG, last year, found serious discrepancies in the urban local bodies of Chattisgarh. In its report, it said that delayed elections, irregular meetings and absence of adequate committees to overlook the functioning are affecting these ULB.

Murmu also pointed out that digitisation and expanded use of technology and artificial intelligence have brought its own challenges.

However, he added that India is among the top countries with global cybersecurity ranking.

With massive expansion of digital payments and internet users, sharing of data and information among countries is critical to ensure cyber security, he told media persons here.

Murmu also said that the CAG has internally started using the One IAAD One System (OIOS) – electronic data analysis mechanism — as a pilot project to strengthen auditing systems. He added that the fund flows into various schemes need to be monitored carefully.

Meanwhile, the CAG has assumed the chairmanship of SAI20, under the G20 ambit. Since 80 per cent of global trade is routed through the sea, blue economy with a thrust on the various contours of ocean ecology will be the focus for CAG as it chairs the SAI20 group. “The ecological balance and proper utilisation of water resources is key,” Murmu said.

The first session of the SAI20 will be held in Guwahati next month. The second one will be held in Goa in June.