Supreme Audit Institutions:
The President of India recently expressed her confidence in the ability of the Supreme Audit Institutions (SAIs) in ensuring the efficiency and integrity of public funds.
- They are public oversight institutions responsible for the audit of government revenue and expenditure.
- They are a critical link in a country’s accountability chain.
- By scrutinizing public financial management and reporting, they provide assurance that resources are used as prescribed.
- Most SAIs derives their mandate from the constitution and/or legislation.
- SAIs undertakes financial audits of organizations’ accounting procedures and financial statements, and compliance audits reviewing the legality of transactions made by the audited body.
- They also conduct performance auditsto scrutinize the efficiency, effectiveness, or economy of government’s undertakings.
- The independence of the SAI from the executive bodies it audits is fundamental to its role in holding governments to account and building trust between the organs of the state and society.
- The Comptroller and Auditor General of India (CAG) and the Indian Audit and Accounts Department (IAAD) functioning under him constitute the SAI of India.
- Nearly every SAI from a United Nations-member country is a member of the International Organization of Supreme Audit Institutions(INTOSAI).
