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ICAI and CAG Sign MoU to Enhance Capacity Building in Public Sector Audits.

MOUs and Agreement | Dated: 25 Apr 2025

In April 2025, the Institute of Chartered Accountants of India (ICAI), through its Committee on Public and Government Financial Management (CPGFM), signed a Memorandum of Understanding (MoU) with the Office of the Comptroller & Auditor General (CAG) of India to enhance Capacity Building (CB) in areas like commercial accounting, financial auditing, taxation, and other related aspects within the CAG institution in New Delhi.

🎯 Key Highlights:

  • - The MoU documents were exchanged by K. Sanjay Murthy, CAG of India, and Charanjot Singh Nanda, President of ICAI.
  • - This collaboration aims to build domain expertise, improve audit quality, and support economic growth through professional development.
  • - The MoU will strengthen professional capacity in contributing to India's economic growth and development by enhancing the skills of auditors.

💡 Other Important Facts:

  • (i) The MoU includes a range of training programs aimed at enhancing the skills and knowledge of auditors. It covers training for recent recruits to help them build a strong foundation in auditing practices. Additionally, advanced programs for experienced officers will be provided to further develop their expertise in specialized areas. The MoU also includes Continuous Professional Education (CPE) programs to ensure that auditors remain updated with the latest industry developments and best practices.
  • (ii) The training will have a practical, application-oriented approach, covering topics such as Enterprise Resource Planning (ERP) systems, forensic accounting, and fraud investigation.
  • (iii) The CAG of India, established in 1949, is the Supreme Audit Institution of India, based in New Delhi. It is the sole licensing and regulatory body for the financial audit and accounting profession in India.

📚 Test Your Knowledge:

Which institution recently signed an MoU with the Comptroller & Auditor General (CAG) to enhance capacity building in public sector audits?

Correct Answer: ICAI

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