Good auditing by CAG
Letters: Good auditing
Business Standard / New Delhi Aug 21, 2012, 00:15 IST
Comptroller and Auditor General (CAG) Vinod Rai has certainly sharpened the tools of auditing by infusing expertise in his team and training cadres, making it possible to set priorities, ensure perfection and bring professionalism in auditing. If similar initiatives had come from heads of departments in the government and from CEOs in the public sector and statutory organisations, the agony that the current government is now going through would have been lesser.
Rai’s approach to auditing is consistent with the changes that have occurred in the law and practice of accounting and auditing. The reforms in the CAG’s office brought about by him and his predecessor, who understood the post-LPG (liberalisation, privatisation and globalisation) situation better, have started paying dividends.
The present political leadership is the “who’s who” of the rich and influential class that has its own constituency interests to protect. We are heavily dependent on the government’s other arms like the CAG, the judiciary and regulators like the Reserve Bank of India to come to rescue when extraneous compulsions force government departments and public sector organisations to misappropriate public funds to the advantage of their masters or greedy corporations and individuals. Beyond fighting corruption and black money, ensuring ethical practices in managing nation’s resources and public funds should become a national priority.
M G Warrier Mumbai
...or mere sensationalising?
Earlier, CAG reports used to enjoy some credibility and authenticity. Today, they are barely distinguishable from sensational journalistic reports. CAG reports, of late, seem to be prepared with an underlying political motive. Not only do the writers lack technical competence in the subjects with which these reports deal, but also their calculation and estimates are grossly exaggerated and inflated to attract public attention and controversy.
Ravinder Jit New Delhi
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
Business Standard / New Delhi Aug 21, 2012, 00:15 IST
Comptroller and Auditor General (CAG) Vinod Rai has certainly sharpened the tools of auditing by infusing expertise in his team and training cadres, making it possible to set priorities, ensure perfection and bring professionalism in auditing. If similar initiatives had come from heads of departments in the government and from CEOs in the public sector and statutory organisations, the agony that the current government is now going through would have been lesser.
Rai’s approach to auditing is consistent with the changes that have occurred in the law and practice of accounting and auditing. The reforms in the CAG’s office brought about by him and his predecessor, who understood the post-LPG (liberalisation, privatisation and globalisation) situation better, have started paying dividends.
The present political leadership is the “who’s who” of the rich and influential class that has its own constituency interests to protect. We are heavily dependent on the government’s other arms like the CAG, the judiciary and regulators like the Reserve Bank of India to come to rescue when extraneous compulsions force government departments and public sector organisations to misappropriate public funds to the advantage of their masters or greedy corporations and individuals. Beyond fighting corruption and black money, ensuring ethical practices in managing nation’s resources and public funds should become a national priority.
M G Warrier Mumbai
...or mere sensationalising?
Earlier, CAG reports used to enjoy some credibility and authenticity. Today, they are barely distinguishable from sensational journalistic reports. CAG reports, of late, seem to be prepared with an underlying political motive. Not only do the writers lack technical competence in the subjects with which these reports deal, but also their calculation and estimates are grossly exaggerated and inflated to attract public attention and controversy.
Ravinder Jit New Delhi
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
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