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Overview This message highlights the evolving role of Public Financial Management (PFM) in India's governance framework, emphasizing transparency, accountability, and inclusive growth aligned with Viksit Bharat 2047. It outlines ICAIs key initiatives, including Information Systems Auditing Standards (ISAS), support for the Income-tax Act, 2025, capacity-building programs, and collaborations with institutions and regulators. The note underscores the importance of strong financial systems at gras
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FAQ :
The ICAI plays a key role by developing and promoting standards like Information Systems Auditing Standards (ISAS), supporting government initiatives, and conducting capacity-building programs for professionals and government officials to enhance transparency, accountability, and efficiency in public financial management.
ISAS are a set of standards developed by the ICAI to provide a comprehensive framework for Chartered Accountants to evaluate complex technological environments. They complement traditional financial audits by assessing the integrity, confidentiality, availability, reliability, and security of information systems that support financial and operational processes.
ICAI is strengthening financial management at the grassroots level by issuing Accounting Standards for Local Bodies (ASLBs) and conducting Certificate Courses for Accountants of Panchayats and Municipal Bodies, aiming to improve accounting practices and record maintenance.
The ICAI actively supports digital transformation by developing ISAS to enhance digital assurance, promoting digital financial management, and equipping professionals with the skills needed for a digitising economy.
ICAI is involved in supporting the transition to accrual-based accounting, contributing to policy discussions, collaborating with regulators like the RBI and IRDAI, and providing publications and training related to new tax laws and financial reporting standards.
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