Social auditing recommended for more transparency at Coimbatore convention

Coimbatore, Dec 29 (ANI): The auditors recommended social auditing for more transparency at the two-day national convention of chartered accountants students, which began here on Wednesday.

The convention, which is being organised by the Institute of Chartered Accountants of India (ICAI), witnessed the participation of hundreds of leading auditors and chartered accountants of India along with students of ICAI.

Speaking on the occasion, ICAI Vice President C. Ramasamy said the institute is now preparing to increase the standard of auditing system in India to international standard.

"The ICAI has given representation to the Comptroller and Auditor General (CAG) to implement the concept of social audit where national social schemes will be audited from the beginning to end to prevent any mismanagement of funds," Ramasamy told reporters.

"All these flagship programmes should go to poor and downtrodden. So what is the expenditure they have incurred, what is the expenditure not incurred, wherever there is diversion it should be immediately concurrently it can be notified. So that is called Social Audit which we are focusing on," he added.

Keeping into account the growing corruption, Ramasamy further said that if the system of rotation of auditors would be followed in companies, it would lead to more transparency in financial dealings.

Along with auditors, the officials of Ministry of Corporate Affairs, corporate lawyers, members of corporate governance committee and also auditing and assurance standard board are taking part in this two-day national convention. (ANI)