India’s top auditor, Comptroller and Auditor General (CAG) K Sanjay Murthy, spoke at the 37th meeting of the Government Accounting Standards Advisory Board (GASAB) in New Delhi on Friday. He launched new digital website initiatives to boost accessibility and transparency in government accounting standards.
Murthy praised GASAB’s efforts in standard-setting, calling it a collaborative process that involves feedback from experts, stakeholders, and the public. “This due process ensures we select topics carefully and build standards through open consultations,” he said, according to an official release.
The CAG expressed satisfaction with GASAB’s broader work, including advances in natural resource accounting. Last year, the board released two key compendia on asset accounts for water resources and mineral and energy resources, helping track India’s natural assets more effectively.
GASAB, established in 2002 under the CAG’s oversight, focuses on enhancing transparency and accountability in government financial reporting. It identifies areas for improvement, issues guidance on accounting standards, and reviews them regularly. These standards apply to the central government, states, and union territories with legislatures, aiming to improve decision-making and public trust through better disclosures.
In his welcome speech, Deputy CAG Jayant Sinha, who chairs GASAB, highlighted its role in promoting good governance, fiscal responsibility, and efficiency in public finances. The board standardizes government accounts and shares clear financial reports with stakeholders.
The meeting drew participants from key bodies like the Controller General of Defence Accounts, Controller General of Accounts, Department of Posts, Railways, Reserve Bank of India (RBI), Institute of Chartered Accountants of India (ICAI), and the Ministry of Finance. Representatives from state governments including Tamil Nadu, Punjab, Madhya Pradesh, and Odisha also joined.
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