ICAI Signs MoU with CAG to Boost Capacity of PSU Audit Officers

ICAI and CAG Join Hands to Strengthen Capacity of PSUs Audit Officers

• Signs MoU with the Office of the Comptroller & Auditor General (O/o CAG) of India to strengthen the capacity development framework
• A strategic partnership to enhance audit excellence in PSUs through structured training.
• First batch is likely to commence in the month of May 2025

The Institute of Chartered Accountants of India (ICAI) through its Committee on Public and Government Financial Management (CPGFM) has entered into a Memorandum of Understanding (MoU) with the Office of the Comptroller & Auditor General (O/o CAG) of India to strengthen the capacity development framework in the CAG of India.

The MoU was signed in the presence of Shri K Sanjay Murthy, Hon'ble CAG of India and CA. Charanjot Singh Nanda, President, ICAI. The MoU signing ceremony was attended by Shri A. M. Bajaj, Dy. CAG (Commercial), Shri Smita S. Chaudhri, Dy. CAG (RC), Shri K. S. Subramanian, Dy. CAG (HR, IR, Coord. & Legal), along with CA. Prasanna Kumar D, Vice-President, ICAI, CA. Mangesh Pandurang Kinare, Chairman, CPGFM, CA. Pankaj Shah, Vice-Chairman, CPGFM, CA. Rajendra Kumar P, Central Council Member, ICAI and Secretary ICAI along their respective teams.

This MoU marks a significant step in advancing excellence and strengthening institutional capacity for public sector audits through structured training and continuing education.

Shri K. Sanjay Murthy, Hon'ble CAG of India, stated thatthe primary objective of this collaboration is to strengthen the capacity development framework within the O/o CAG of India. He emphasised the importance of structured training programmes to ensure that PSUs audit officers remain abreast of evolving standards, technologies and best practices in auditing.

On this occasion, CA. Charanjot Singh Nanda, President, ICAI, said "This MoU is more than a partnership, it's a powerful step towards nation-building as both organisations come together for knowledge sharing. With knowledge at the core and excellence as our path, ICAI is proud to empower auditors through world-class training and technical expertise. Under the framework of this MoU, ICAI will provide entry-level training to CAG Officials focusing on key areas such as accounting standards, auditing standards and IT tools relevant for PSU Audits."

The first batch of the training programme for 50 CAG Officers is likely to commence in May 2025 at the ICAI's Centre of Excellence, Hyderabad. The programme will be delivered with the technical expertise of ICAI's specialised Boards-namely, the Accounting Standards Board (ASB), Auditing and Assurance Standards Board (AASB), and Digital Accounting and Assurance Board (DAAB)-and will be supported by the infrastructure available at ICAI's Centres of Excellence. The MoU will be initially valid for three years that may be extended further with mutual agreement. This partnership reinforces the commitment of both institutions toward enhancing the quality and effectiveness of public sector audits.