Supreme Audit Institutions Summit:
The Comptroller and Auditor General (CAG) of India recently said that Supreme Audit Institutions (SAIs) must inevitably prepare themselves for auditing AI-based governance systems and look for opportunities to adopt AI into their audit techniques.
- Supreme Audit Institutions (SAIs) are public oversight institutions which audit a government’s use of public funds.
- 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 audits to scrutinize the efficiency, effectiveness or economy of government’s undertakings.
- The Comptroller and Auditor General (CAG) of India is India’s SAI.