New Delhi, Mar 6: In an effort to ensure greater transparency to the public accounting process, the Institute of Chartered Accountants of India (ICAI) will join hands with the Central and State Governments in implementing economic policies with full financial disclosure.
ICAI, which is undertaking the task as part of its social responsibility, will assist both the Central and State Governments in showing greater accountability and improving the quality of deployment of public money. Recently, the institute set up important committees including the Public Finance Committee which would analyse the Government's budgetary expenditure, welfare schemes and end use of funds.
Already, it has assisted various Government departments such as local authorities for converting from single entry to double entry accounting.
For ICAI, good governance in the public institutions is a hallmark for socio-economic reform in the country.
Appreciating this initiative, Dr S Gangopadhyay, Advisor to the Union Finance Minister, pointed out that the state governments were the destination points for a large amount of finance involved in a number of centrally sponsored programmes. Such an independent monitoring would reveal the bottlenecks in the various stages, he said while addressing the ICAI Workshop on Union Budget-2008, organised here yesterday.
ICAI President Ved Jain in his welcome speech observed that the institute annually submitted pre-Budget and post-Budget Memorandum to the Government and he was happy to note that many of the suggestions were accepted by the Government and incorporated in the respective Finance Acts.
Recently, the institute had constituted the Public Finance Committee, Government Accounting Committee and Management Accounting Committee. The Public Finance Committee would analyse Government's budgetary expenditure, welfare schemes and end use of funds, he said.