In this piece for Financial Express, Prakhar Misra and Vibhav Mariwala argue that a digitised approach to audits can provide real-time data to Parliament, civil servants and citizens, which can hold governments at all levels accountable for their actions.
"The CAG relies on departments for their accounts, resulting in delays and inaccurate audits. It is estimated that `1 trillion has been stuck in accounts because such funds are hard to trace. Auditing government budgets in India is notoriously hard and impacts policy outcomes directly."
"The digitisation of audits in a manner similar to GEM can make data readily available to oversight agencies. It can remove variations in accounting practices across levels of governments and between states and the Union. Since all transactions will be digitised, tracking and tracing funds will be far easier, avoiding wastage of funds stuck in accounts that are untraceable."
Read the entire article here.