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Hyderabad, November 26 (IANS) Comptroller and Auditor General of India K. Sanjay Murthy launched the Center of Excellence in Financial Audit (COEFA) here on Wednesday.
COEFA will function as a knowledge-driven platform that will strive to transform the landscape of financial audit in the public sector with a focused mandate covering Public Sector Enterprises (PSEs), Autonomous Bodies (ABs) and Urban Local Bodies (ULBs).
Deputy CAG (Commercial and Report Central), Anand Mohan Bajaj, Additional Deputy CAG and DG, National Academy of Audit and Accounts (NAAA), S. Alok, other CAG officers were present.
As public finance systems grow in complexity and scale, the need for robust, Artificial Intelligence (AI) and Machine Learning (ML) based tools, technology-enabled and insight-driven auditing practices has never been more important. The CAG’s office said the Center of Excellence aims to address this need by creating a visionary ecosystem that integrates cutting-edge digital tools, global best practices and human capital development to raise the bar for public sector auditing in India and beyond.
Enshrined in the constitutional mandate of the CAG of India to ensure accountability and transparency in public expenditure, COEFA seeks to serve as a center for research, innovation, policy advocacy and capacity building. It will support auditors, audit institutions and other stakeholders in developing the skills, tools and knowledge needed to navigate the increasingly dynamic financial governance environment.
On this occasion, two data analytics models were demonstrated to the CAG of India by the Institute of Chartered Accountants of India (ICAI) and the Office of the Principal Director of Commercial Audit, Hyderabad. These were displayed at COEFA, Hyderabad to determine future directions of research.
The vision of COEFA is to achieve recognition as a center of excellence for financial audit of PSEs, ABs and ULBs by effectively combining digital innovation with human expertise and institutional experience – to evolve as a world-class center for audit research, analytical insights and capacity development.
On this occasion, CAG of India also unveiled the official logo and board of CoEFA. The website template with CoEFA features was also demonstrated to the CAG of India by the CoEFA team.
The facility was inaugurated at a temporary location of the erstwhile Regional Capacity Building and Knowledge Institute (RCB&KI) in the Accountant General’s Office premises in Hyderabad.
CAG of India envisioned that NAAA, Shimla, being the premier training institute of the Indian Audit and Accounts Department (IA&AD), should lead research and capacity building in the micro areas of financial audit in IA&AD.
Therefore, COEFA at Hyderabad will function under NAAA, Shimla and the technical control of the functioning of the Center will rest with the Commercial Audit Wing at CAG Headquarters.
On this occasion, a Framework Agreement was signed between COEFA of NAAA and Institute of Chartered Accountants of India (ICAI) under the aegis of CAG of India to promote institutional cooperation in training, research and joint publications in the field of financial auditing and financial analysis of PSEs, audit of autonomous bodies and audit of accounts of urban local bodies.
–IANS
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