ICAI & CAG Partner for Capacity Building in Public Sector Audits

New Delhi, Apr 21 (PTI) Chartered accountants' apex body ICAI has signed a Memorandum of Understanding (MoU) with the office of the Comptroller & Auditor General (CAG) to boost the capacity development framework at the top auditor.

The MoU was signed in the presence of CAG K Sanjay Murthy and The Institute of Chartered Accountants of India (ICAI) President Charanjot Singh Nanda.

"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," ICAI said in a release on Monday.

According to the release, the MoU will be initially valid for three years that may be extended further with mutual agreement.

Murthy said the MoU marks a significant step in advancing excellence and strengthening institutional capacity for public sector audits through structured training and continuing education. The primary objective of the collaboration is to strengthen the capacity development framework within the CAG office, as per the release.

Nanda said it 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.