CAG calls for greater use of new age tech by auditors for optimal use of resources

In the fourth industrial revolution, audit professionals, especially information technology auditors, must prepare themselves to face multi-faceted changes and challenges, Murmu said in a virtual address to the Working Group on IT Audit WGITA of the International Organisation of Supreme Audit Institutions INTOSAI.

Comptroller and Auditor General of India (CAG) Girish Chandra Murmu on Thursday stressed on greater use of new age technologies such as data analytics, artificial intelligence and machine learning to enable auditors make optimum use of resources. Speaking at an event on 'IT Audit in the Era of Industrial Revolution 4.0: Opportunities and Challenges', Murmu urged auditors to make far greater use of these technologies for optimising efficient use of their own scarce resources. It will help effectively meet the needs of the stakeholders, he said. In the 'fourth industrial revolution', audit professionals, especially information technology auditors, must prepare themselves to face multi-faceted changes and challenges, Murmu said in a virtual address to the Working Group on IT Audit (WGITA) of the International Organisation of Supreme Audit Institutions (INTOSAI). The fourth industrial revolution has created an excellent opportunity for INTOSAI WGITA to equip its members with practical knowledge and work procedures for addressing the emerging IT risks, Murmu said. He further said India is witnessing massive digital transformation in the spheres of infrastructure, public policymaking and governance. As of March 2021, India has currently more than 750 million broadband subscribers, mainly mobile users. In India today, the trinity of mobile telephony, unique biometric identity and electronic banking is being used for the world's largest direct benefit transfer to millions of people, the CAG said. ''These developments have helped protect the people from poverty during the risks and uncertainties of the COVID-19 pandemic. Such initiatives are now fundamental in making the public service delivery efficient and transparent, as well as ensuring trust in public entities and their governance,'' Murmu said. The term 'fourth industrial revolution' was first introduced by a team of scientists developing a high-tech strategy for the German government. It was popularised by Klaus Schwab, executive chairman of the World Economic Forum (WEF). Speaking about the challenges, Murmu said there is need to be more agile and adaptive in order to cope with the disruptions due to this transformation journey to the fourth industrial revolution. INTOSAI Working Group on IT Audit is a working group under the Knowledge Services and Knowledge Sharing Committee of the International Organisation of Supreme Audit Institutions. This working group was set up in 1989 to support member Supreme Audit Institutions (SAIs) in developing their knowledge and skills in the use and audit of Information Technology (IT). The e-seminar was hosted by Agung Firman Sampurna, the chairman of the Audit Board of Indonesia.

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