ICAI Affirms Independence with CA Firm Engagement by CAG

The Institute of Chartered Accountants of India (ICAI) assured that engaging CA firms by the Comptroller and Auditor General (CAG) maintains its independence as an apex auditor. This statement comes amidst concerns raised by Madurai MP S Venkatesan about potential compromise in CAG's autonomy.

ICAI emphasized that CAG's decision to hire CA firms is aimed at providing effective audit coverage, enhancing domain-specific quality, and ensuring timely completion of audits. The move aligns with professional standards and ethical guidelines provided by ICAI.

Further, ICAI highlighted that this initiative will bolster CAG's capacity for compliance and performance auditing, strengthening the auditing of central autonomous bodies. The reassurances come after Deputy CAG, Anand Mohan Bajaj, defended the initiative as a means to improve auditing processes.

(With inputs from agencies.)