CGA signs MoU with IIA for strengthening of internal audit

The Office of Controller General of Accounts (CGA) has signed an MoU with Institute of Internal Auditors (IIA) for strengthening internal audit function of ministries.

"In a paradigm shift, the MoU will facilitate the use of professional knowledge and skills in the conduct of risk based Internal Audit and in the capacity building of Government Internal Auditors," a finance ministry statement said.

Office of CGA, which comes under Department of Expenditure, celebrated 41st anniversary of the inception of the Indian Civil Accounts Service (ICAS) yesterday.

"Since its inception, the ICAS has been a pioneer in the use of Information Technology in Payments, Accounting and Financial Reporting catering to the real time demand for accounting data on public finances by the decision makers," it said.

Introduction of E-payments through the banking system has facilitated prompt collections and payments. Presently, over 95 per cent of total tax revenues are through electronic mode, it said.

"In financial year 2016-17 so far, Government payments to the tune of Rs 5.95 lakh crore (out of the total payment of Rs 6.05 lakh crore) were routed through the electronic mode. 98 per cent of total payments of the Government in value terms and 95 per cent in volume terms have been routed through the e-payment mode," it said.

It also said that the Public Financial Management System (PFMS) has helped the Government to effectively monitor utilisation of funds transferred to States and implementing agencies, especially in respect of national priority schemes, through Direct Benefit Transfer (DBT).

"Beneficiaries of these schemes now receive funds directly into their bank accounts at the local level. Consequently, there has been significant reduction in leakages and increase in savings to the government," it said.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)