News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
General »
 Mutual funds for a first-time investor
 All eyes on Nirmala Sitharaman's second Budget for tax relief
 FM must slash income tax rates, only way to stimulate demand
 Govt may go for income tax relief to spur demand, says report
 Countries should tax the money that their citizens make globally
 Personal income tax rate cut can revive economy
 Economic slowdown hits Income Tax collections
 IFSC and tax bills tabled in Parliament on Monday
 How to calculate tax liability on LTCG accrued from selling gold?
 Tax department launches web portal for exchange of information
 HC asks Tax Dept to permit GST assessees to file for transitional credit

ICAI seeks robust auditing system for govt departments
June, 23rd 2016

The Institute of Chartered Accountants of India (ICAI) on Friday stressed the need for a robust auditing system in state and central government departments.

M Devaraja Reddy, ICAI president, was in the city for a national-level seminar. He said. "The prevailing auditing systems in many governmental organisations are not at par with those in advanced countries. The system also lacks professionals and thus there is huge scope for further improvement. In many government departments, people with irrelevant educational background are handling accounts. It should not happen."

Reddy added that there should be an audit of governments spending at the district level. "The government is spending lot of money at district level but there is no full proof and efficient system of auditing. Professionally qualified persons like chartered accounts can keep a watch on the government's spending and eventually help the authorises to channelize the public money," he said.

Stay updated on the go with Times of India News App. Click here to download it for your device.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting