Hyderabad, Nov 26 (NationPress) The Comptroller and Auditor General of India, K. Sanjay Murthy, inaugurated the Centre of Excellence for Financial Audit (CoEFA) here on Wednesday.

The CoEFA is designed to serve as a knowledge-centric platform aimed at revolutionizing the financial auditing process within the public sector, specifically targeting Public Sector Enterprises (PSEs), Autonomous Bodies (ABs), and Urban Local Bodies (ULBs).

Present at the event were Deputy CAG (Commercial and Report Central) Anand Mohan Bajaj, Additional Deputy CAG and DG of the National Academy of Audit and Accounts (NAAA), S. Alok, along with various officials from the CAG.

As the landscape of public finance evolves in terms of complexity and scale, the demand for robust tools based on Artificial Intelligence (AI) and Machine Learning (ML), as well as technology-driven and insight-oriented auditing methods, has become increasingly urgent. The Centre of Excellence is set to tackle this challenge by establishing a progressive ecosystem that merges innovative digital tools, global best practices, and the growth of human capital to elevate public sector auditing standards in India and beyond, according to the CAG office.

Grounded in the constitutional responsibility of the CAG of India to uphold accountability and transparency in public spending, the CoEFA aims to function as a hub for research, innovation, policy support, and capacity building. It will assist auditors, auditing institutions, and other stakeholders in acquiring the necessary skills, tools, and knowledge to navigate the rapidly changing financial governance landscape.

During the launch, two data analytics models were presented to the CAG by the Institute of Chartered Accountants of India (ICAI) and the Office of the Principal Director of Commercial Audit, Hyderabad. These models were intended to outline future research directions for CoEFA, Hyderabad.

The CoEFA envisions becoming a recognized Centre of Excellence for financial audit of PSEs, ABs, and ULBs by effectively merging digital innovation with human expertise and institutional experience, evolving into a world-class center for audit research, analytical insights, and capacity development.

The CAG of India also revealed the official logo and board of the CoEFA during this event. The CoEFA team also showcased the website template featuring CoEFA’s attributes to the CAG.

The facility was inaugurated at a temporary site in the former Regional Capacity Building and Knowledge Institute (RCB&KI), located within the Accountants General Offices Complex in Hyderabad.

The CAG of India expressed that the NAAA, Shimla, being the leading training institution of the Indian Audit and Accounts Department (IA&AD), should spearhead research and capacity development in specialized areas of financial auditing within the IA&AD.

Consequently, the CoEFA in Hyderabad will operate under NAAA, Shimla, with technical oversight from the Commercial Audit Wing at CAG Headquarters.

A Framework Agreement was signed on this occasion between CoEFA of NAAA, under the CAG of India, and the Institute of Chartered Accountants of India (ICAI) to promote collaboration in training, research, and joint publications in the fields of financial auditing and financial analysis of PSEs, audits of Autonomous Bodies, and audits of Urban Local Bodies.