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Vice President C P Radhakrishnan will inaugurate the CAG's Audit Diwas here on Sunday. This year's celebration, under the distinguished presence of the Chief Guest, Vice President of India, marks a significant milestone in the institution's journey towards enhancing transparency and accountability in governance, the office of CAG said in a statement. As Chairman of the Council of States, the presence of the Vice President at the celebrations reinforces the bond between audit and the parliamentary accountability it is designed to serve. K Sanjay Murthy, CAG of India, will also speak on this occasion. The institution of the CAG of India stands as one of the world's oldest and most respected public audit institutions. Its origins date back to the post of the Auditor General of the British Crown in India, created under the Government of India Act, 1858. On 16th November 1860, Sir Edward Drummond assumed charge as the first Auditor General. To commemorate this momentous occasion, 16th
Audit committees at companies should ensure the independence of auditors, NFRA Chairperson Nitin Gupta said on Thursday, as he stressed the importance of good corporate governance practices. He also listed out various fundamental principles for sound financial reporting, including the key role of external auditors. The National Financial Reporting Authority (NFRA) has been taking steps to boost sound financial reporting practices and is also taking action against auditing lapses. A comprehensive, effective internal control and sound risk management system should be areas of interest for good corporate governance, Gupta said. He was speaking at the conference on 'Agile Governance: Fostering Transparency & Building Trust' organised by industry body Ficci in the national capital. According to him, audit committees should ensure the independence of auditors.
An audit report has found financial irregularities to the tune of more than rupees 6 billion ($21 million) and governance issues within the Pakistan Cricket Board dating back two years. The Auditor General of Pakistan's report for the 2023-24 financial year was published in The News and highlighted the non-recovery of outstanding sponsorship worth rupees 5.3 billion ($18.6 million) as the major discrepancy identified. PCB chairman Mohsin Naqvi is the third person in four years to lead the sport's national administration, following Ramiz Raja and Zaka Ashraf. He is also a government minister. The report also questioned the rupees 63.39 million ($220,000) the PCB spent on meals for police and law enforcement personnel assigned for the security of foreign teams during international matches in Pakistan. The auditors said providing security was the responsibility of governments, and disagreed with the PCB's explanation that visiting international teams were given extra safety guarantees
The Centre has notified the Unified Waqf Management, Empowerment, Efficiency and Development Rules, 2025 that deal with issues such as the portal and database of Waqf properties, the manner of their registration, conduct of audit and maintenance of accounts. The rules were notified on Thursday in exercise of powers under Section 108B of the 1995 Act, which was inserted through the Waqf (Amendment) Act 2025, which came into effect from April 8, 2025. According to the rules, a portal and database is set up for the purposes of filing of details of Waqf, uploading the list of auqaf, registration of new Waqf, maintenance of register of auqaf and maintenance and submission of accounts of mutawalli of a Waqf, publication of audit report and proceedings and order board under Section 48 of the Act. The joint secretary to the Government of India in the Ministry of Minority Affairs in-charge of the Waqf division shall be responsible for the supervision and control of the portal and database, t
Comptroller and Auditor General of India (CAG) has set up a separate unit for auditing of about 1,600 public sector undertakings (PSUs) run by various state governments for faster auditing and achieving greater efficiency. "Very recently a separate vertical has been created. An order has been issued. Once this vertical comes up, one location will have positions for auditing only state PSUs of a particular state," Deputy CAG K S Subramanian (HR, IR, Coord and Legal) said. This will help in faster auditing of state PSUs and improving efficiency of public enterprises, he said, adding, this is similar to the Central Public Sector Enterprises which are audited by a separate vertical. Currently, state PSUs are audited by members of senior management which has to do auditing of 4-5 states rather than one particular region, Subramanian said, adding, it takes time. A separate vertical would help in consolidation of information of all state PSUs and it will be easy for stakeholders to compar
The government plans to hold an independent audit to assess the effectiveness of its key legal aid schemes, which come to an end in 2026. The audit will also determine the scalability and sustainability of the programmes post 2026. The DISHA (Designing Innovative Solutions for Holistic Access to Justice in India) scheme, a Central Sector Scheme of the Department of Justice in the Union Law Ministry, is aimed at improving access to justice. It comprises of three key programmes : Tele-Law, Nyaya Bandhu (Pro Bono Legal Services) and Legal Literacy and Legal Awareness, all working towards providing accessible and affordable legal services to citizens, especially those in remote areas. The scheme has a financial outlay of Rs 250 crore for a period of five years (2021-2026). For assessing effectiveness of the programme, identifying course correction or improvement and determining scalability and sustainability post 2026, the Department of Justice now intends to get an independent evalua
Sebi on Wednesday revised the disclosure requirements for Real Estate Investment Trusts and Infrastructure Investment Trusts, revising norms related to financial information in offer documents and post-listing disclosures. Under the new rules, REITs and InvITs issuing offer documents or follow-on offers must disclose audited financial statements for the last three financial years and a stub period, if applicable, Sebi said in two separate circulars. If the latest audited financials are older than six months from the date of filing, additional stub period financials must be provided. In the case of follow-on offers where the entity has not existed for three years, disclosures must cover the period of existence and the stub period, the regulator said. For initial offers, audited combined financial statements of the REIT and InvIT shall be disclosed in the offer document / placement memorandum. Sebi also specified additional disclosures, which will be included as a part of the audite
Markets regulator Sebi on Friday introduced a standardised format for system and network audit reports of market infrastructure institutions (MIIs) such as stock exchanges, clearing corporations, and depositories -- to enhance the audit efficiency. Under this, Sebi will assign unique IDs to each observation in a bid to simplify the tracking of both current and historical audit issues. This new framework aims to improve data quality, ensure compliance with regulatory requirements, and streamline the monitoring of audit observations. This will apply to audits conducted from the fiscal year 2024-25, or the second half of the fiscal year, depending on the audit frequency. "The standardized format for system and network audit report would help to increase the data quality, capture of relevant information as per regulatory requirements in a streamlined and standardized manner across MIIs, monitor compliance requirements in a more focused manner, ease of traceability of current/historical