New Delhi, Nov.16 (ANI): President Pratibha Devisingh Patil inaugurated the 150th anniversary celebrations of the Comptroller and Auditor General institution here on Monday.
President Patil also released a stamp of the institution of CAG.
She said the Comptroller and Auditor General of India have an important role that demands greater focus as the nation's economy grows.
President Patil said for good governance, transparency and accountability. And audit can no more be conducted merely for statutory compliance.
"Audit of expenditure to ascertain compliance with rules and regulations, should also be beneficial for ensuring better standards of governance. Auditing, by becoming a barometer that measures the fiscal health of an institution, can emerge as a key instrument of good governance," said President Patil.
"This becomes particularly important when the fiscal size, resources, and complexities of Government have grown exponentially in comparison with yesteryears," she added.
She also said that auditors should gain expertise for preparing reviews on issues relating to infrastructure projects under the PPP mode, which may involve a change in audit methodology and approaches.
"There are projects that have time over-runs or remain incomplete or abandoned halfway, which deprive the nation of the full benefits of investment. It is necessary to assess whether such projects are indeed, in public interest. As of now it is still a grey area for public auditors," said President Patil.
She further said the CAG services should be made readily available and should also be used by the Government, to make midcourse corrections and improve service delivery.
"Auditors should partner the Government and pay specific heed to social sector programmes to ensure that the objectives of social justice and equity are met," said President Patil.
President Patil further informed that during the time of Information and Communication Technology Revolution audit practices will need to keep pace with contemporary developments, as well as the implications of technological advances.
"To maintain quality, regular training must be imparted to our Audit Officers to keep them abreast of changes. At the field level, people can be acquainted with proper accounting procedures, by sensitizing audit teams to contribute to local capacity building," said President Patil. (ANI)