The Comptroller and Auditor General of India (CAG) has issued the Regulations on Audit and Accounts (Amendments) 2020. The amended Regulations consist of fifteen chapters which shall come into force from the date of issue.
The newly amended regulation seeks to substitute Regulations on Audit and Accounts, 2007, which will signify the applicability on the directors and staff of the Indian Audit and Accounts Department and all ministries and departments of the Union Government, State Governments and Union Territory Governments as well as bodies, authorities, and businesses, to which the audit or accounts rights of the Comptroller and Auditor General of India extend.
“Audits, whether financial, compliance, or performance audits, are conducted increasingly in an IT environment today. Governments and other public sector entities have continuously adopted IT, in order to enhance efficiency and effectiveness in their functioning and delivery of various public services. IT has made it possible to capture, store, process, retrieve and deliver information electronically, and the delivery mode of public services is, in many cases, rapidly transitioning from physical to electronic,” the new regulations notified.