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Yahoo
3 days ago
- Business
- Yahoo
CAG establishes new vertical for state public sector audits
India's Comptroller and Auditor General (CAG) has announced the creation of a dedicated unit for auditing approximately 1,600 state public sector undertakings (PSUs). The Economic Times reported that this initiative aims to enhance the speed and efficiency of audits conducted on these enterprises. The new vertical is designed to streamline the auditing process, similar to the existing structure for Central Public Sector Enterprises. CAG officials noted that the current method, which involves senior management auditing multiple states, is time-consuming and inefficient. Deputy CAG A M Bajaj highlighted that the separate unit will facilitate the consolidation of information across state PSUs. This will enable stakeholders to make easier comparisons and improve overall transparency in the auditing process. In addition to the new vertical, the CAG is leveraging digital transformation to enhance auditing capabilities. The integration of technologies such as generative AI and optical character recognition (OCR) is expected to reduce errors and improve accuracy in voucher verification. Bajaj also mentioned that a standardised risk assessment model is being developed to ensure data-driven and risk-focused audit planning nationwide. This model will utilise tools like IDEA and Tableau to enhance the auditing framework. The upcoming State Finance Secretaries Conference, scheduled for September 2025, will address these developments as key agenda items. The CAG aims to discuss the implications of the new vertical and technological advancements in auditing. In addition, the CAG clarified that the hiring of empanelled Chartered Accountant (CA) firms for auditing central autonomous bodies will not compromise the autonomy of the apex audit body. Instead, it is expected to bolster the auditing process. The office of the CAG is currently in the process of selecting CA firms for 30 locations, with final decisions anticipated within the next two weeks. "CAG establishes new vertical for state public sector audits" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
CAG establishes new vertical for state public sector audits
India's Comptroller and Auditor General (CAG) has announced the creation of a dedicated unit for auditing approximately 1,600 state public sector undertakings (PSUs). The Economic Times reported that this initiative aims to enhance the speed and efficiency of audits conducted on these enterprises. The new vertical is designed to streamline the auditing process, similar to the existing structure for Central Public Sector Enterprises. CAG officials noted that the current method, which involves senior management auditing multiple states, is time-consuming and inefficient. Deputy CAG A M Bajaj highlighted that the separate unit will facilitate the consolidation of information across state PSUs. This will enable stakeholders to make easier comparisons and improve overall transparency in the auditing process. In addition to the new vertical, the CAG is leveraging digital transformation to enhance auditing capabilities. The integration of technologies such as generative AI and optical character recognition (OCR) is expected to reduce errors and improve accuracy in voucher verification. Bajaj also mentioned that a standardised risk assessment model is being developed to ensure data-driven and risk-focused audit planning nationwide. This model will utilise tools like IDEA and Tableau to enhance the auditing framework. The upcoming State Finance Secretaries Conference, scheduled for September 2025, will address these developments as key agenda items. The CAG aims to discuss the implications of the new vertical and technological advancements in auditing. In addition, the CAG clarified that the hiring of empanelled Chartered Accountant (CA) firms for auditing central autonomous bodies will not compromise the autonomy of the apex audit body. Instead, it is expected to bolster the auditing process. The office of the CAG is currently in the process of selecting CA firms for 30 locations, with final decisions anticipated within the next two weeks. "CAG establishes new vertical for state public sector audits" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Business Standard
4 days ago
- Business
- Business Standard
Salesforce, Jaquar partner to drive digital transformation and agility
CRM provider Salesforce to help Jaquar implement digital solutions like Tableau and Field Service for data agility, mobile responsiveness and intelligent operations Sharanya M Delhi Customer relationship management service provider Salesforce on Tuesday announced a partnership with bathroom and lighting solutions provider Jaquar to accelerate the latter's digital transformation efforts. As per the collaboration, Jaquar will implement a range of Salesforce's products and services, such as Consumer Goods Cloud, Partner Community Cloud, Field Service and Tableau, to boost operational efficiency. 'Digital transformation today is not just a business initiative — it is a strategic imperative that defines resilience, relevance and long-term value creation,' said Arundhati Bhattacharya, President and Chief Executive Officer of Salesforce South Asia. Jaquar, which was founded in 1960, has seven manufacturing units in India and one in South Korea. The partnership with Salesforce will help Jaquar be ready for the future by being data agile, mobile responsive and embedding intelligence in all customer interactions as well as operations, said Rajesh Mehra, Director and Promoter of Jaquar Group.
Economic Times
6 days ago
- Business
- Economic Times
CAG creates separate vertical for auditing of 1,600 state public sector units
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 compare, Deputy CAG A M Bajaj said. There are about 700 Central Public Sector Enterprises (CPSEs), 1,600 State Public Sector Enterprises (SPSEs), 485 Central Autonomous Bodies (CABs), and more than 700 State Autonomous Bodies. Riding on the back of digital transformation, the office of CAG is working on expanding scope of remote auditing to enhance efficiency, transparency, and collaboration. The planned integration of Generative AI and OCR in voucher verification reduces errors, boosts accuracy, and generates audit leads, while the Standardized Risk Assessment Model, powered by tools like IDEA and Tableau, ensures data-driven, risk-focused audit planning nationwide, Bajaj said. "Our initial efforts at remote/hybrid audit of GST, stamp duty and registration and public works have been highly successful and encouraging. This has spurred us to fast-track such hybrid audits across the country by engaging with the executives to ensure that they achieve end-to-end digitisation of their work processes," he said. In fact, he said, this would be one of the important agenda items at the upcoming State Finance Secretaries Conference planned in September 2025. Clarifying the issue of hiring of empanelled CA firms for auditing of central autonomous bodies, he said the move will not undermine the autonomy of apex audit body but strengthen the auditing process. He said the office of CAG is in the process of hiring CA firms for 30 stations or cities, and the list would be finalised in the next two weeks for co-option with the CAG team for auditing of central autonomous bodies. "We have been auditing every year (autonomous bodies), but need has been felt to augment our audit effort with expert professionals wherever required," he said when asked for a reaction on a CPM MP objecting to hiring of CA firms claiming that it would dilute the independence of the CAG. Madurai MP S Venkatesan (CPM) wrote a letter to President Droupadi Murmu on June 3 objecting to the CAG's move, claiming that it dilutes the independence of the CAG and principles envisaged by the Constitution. The co-option of CA firms will strengthen the auditing process, he said, audit responsibilities have gone up manifold and autonomous bodies have become very big.
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Business Standard
6 days ago
- Business
- Business Standard
CAG forms separate vertical for auditing of 1,600 state public sector units
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 compare, Deputy CAG A M Bajaj said. There are about 700 Central Public Sector Enterprises (CPSEs), 1,600 State Public Sector Enterprises (SPSEs), 485 Central Autonomous Bodies (CABs), and more than 700 State Autonomous Bodies. Riding on the back of digital transformation, the office of CAG is working on expanding scope of remote auditing to enhance efficiency, transparency, and collaboration. The planned integration of Generative AI and OCR in voucher verification reduces errors, boosts accuracy, and generates audit leads, while the Standardized Risk Assessment Model, powered by tools like IDEA and Tableau, ensures data-driven, risk-focused audit planning nationwide, Bajaj said. "Our initial efforts at remote/hybrid audit of GST, stamp duty and registration and public works have been highly successful and encouraging. This has spurred us to fast-track such hybrid audits across the country by engaging with the executives to ensure that they achieve end-to-end digitisation of their work processes," he said. In fact, he said, this would be one of the important agenda items at the upcoming State Finance Secretaries Conference planned in September 2025. Clarifying the issue of hiring of empanelled CA firms for auditing of central autonomous bodies, he said the move will not undermine the autonomy of apex audit body but strengthen the auditing process. He said the office of CAG is in the process of hiring CA firms for 30 stations or cities, and the list would be finalised in the next two weeks for co-option with the CAG team for auditing of central autonomous bodies. "We have been auditing every year (autonomous bodies), but need has been felt to augment our audit effort with expert professionals wherever required," he said when asked for a reaction on a CPM MP objecting to hiring of CA firms claiming that it would dilute the independence of the CAG. Madurai MP S Venkatesan (CPM) wrote a letter to President Droupadi Murmu on June 3 objecting to the CAG's move, claiming that it dilutes the independence of the CAG and principles envisaged by the Constitution. The co-option of CA firms will strengthen the auditing process, he said, audit responsibilities have gone up manifold and autonomous bodies have become very big.
