The CAG said audit focus should be closely aligned with global megatrends and auditors needed to be geared to not only adapt to new-age technologies and build capacities for seamless integration of the audit process into the new governance structures but also to effectively address the risk and ethical challenges posed by such technologies
Comptroller and Auditor General of India (CAG) Girish Chandra Murmu has said audit reports have assumed immense importance as they induced action from the executive by way of design improvements, mid-course corrections, strengthening systems and even review of certain policies.
Murmu while delivering a keynote speech on 'Audit impact – the Indian perspective' at IMPACT 2023 in Canberra (Australia) shared a few experiences wherein audit findings had a distinctly visible impact on executive functioning. He further said that all business processes in India were now fully digitised, and the entire audit cycle was being operated through the OIOS (One IA&AD One System), an end-to-end audit process and knowledge management system for the institution.
He underlined the role of audit as a catalyst to good governance, promoting accountability, transparency, and efficient and effective functioning of organisations and government. The CAG said audit focus should be closely aligned with global megatrends and auditors needed to be geared to not only adapt to new-age technologies and build capacities for seamless integration of the audit process into the new governance structures but also to effectively address the risk and ethical challenges posed by such technologies.
The founding fathers of the Indian constitution ascribed great importance to the independence of the CAG through Articles 148 to 151 of the Indian constitution, he added. He also emphasised the use of technological tools, such as machine learning algorithms, data analytics and visualisation, Geographic Information Systems, remote-sensing technology and unmanned aerial vehicles, which has expanded the repertoire of audit techniques.
During the IMPACT 2023, Murmu held separate meetings with Controller and Auditor General of New Zealand John Ryan and Auditor-General of Australia Grant Hehir to explore ways to enhance bilateral cooperation between their respective Audit Institutions. The discussions focused on IT audit, data analytics, environmental audit and sustainable development. Murmu expressed his commitment to strengthening cooperation between the Audit Institutions.