Tribune News Service
Chandigarh, September 1
As authorities monetary transactions more and more transfer into the digital mode, the Ministry of Finance is revamping its inside auditing procedures and instruments and standardising them throughout all ministries and departments.
The Department of Expenditure has requested the Controller General of Accounts (CGA) to enhance upon and increase the present auditing practices utilizing the newest area know-how and to develop a normal inside audit protocol for all ministries and departments, sources have stated.
“Over some time now, we have witnessed considerable changes in the mode of financial transactions on the expenditure as well as receipt fronts, with the focus being on electronic payments,” a senior authorities officer stated.
“The Public Financial Management System (PFMS) and the Non-Tax Receipt Portal (NTRP) have become major repositories of electronic data relating to government finances and hence there is a need to re-look at our systems and tools for conducting e-audit,” he added.
The PFMS is a fiscal initiative that displays packages within the social sector and tracks funds disbursed for numerous schemes and initiatives to make sure that public cash is spent based on its meant function. The NTRP is a 24×7 on-line window to make numerous sorts of funds into authorities accounts of any ministry or division utilizing internet-based fee applied sciences.
According to out there info, PFMS has hit about 66.60 crore transactions involving a sum of Rs 12,75,980 crore up to now throughout 2020-21 fiscal. The NTRP’s depend is about 29.5 lakh transactions amounting to Rs 5,07,671 crore.
The Internal Audit Wings of ministries and departments are liable for conducting their very own audit of varied schemes and initiatives. The protocols, methodology and IT instruments used for audit are completely different.
The CGA has sought particulars from all its discipline institutions concerning the IT instruments and procedures being utilized by them for conducting scheme audit and risk-based audit in order that these will be studied for growing a normal inside audit protocol.