In today’s borderless world, where individual economies have merged within the global order, challenges and opportunities for Chartered Accountants have also undergone radical changes. Globalization has accelerated the shift from number crunching to strategic thinking, thus expanding the role of Chartered Accountancy to that of a proactive catalyst in factoring change into emerging global vision. As corporate sector evolves in an environment of enhanced transparency and accountability, the Chartered Accountants are required to emerge as strategy formulators with much broader professional horizons and highest standards of corporate governance.
The Institute can help the Government in designing suitable mechanism for monitoring the use of the funds made available for public expenditure. The rural and informal sector continues to largely remain outside the mainstay economy. With the presence of Chartered Accountants even in the remotest part of the country, the profession is in the best position to promote financial inclusion of rural poor not having access to finance from formal sources, through micro finance or other innovative measures.
The Committee on Public Finance and Government Accounting has been constituted with the objective of reviewing, analyzing, recommending and suggesting measures to the Local, State & Central Government, PSUs and other organizations in policy assessment, planning and execution in Public Finance, reforms in Government accounting system and maximizing public fund’s utility to augment and vitalize economic growth for end beneficiaries. It also aims to provide training with in Government bodies, to evolve methods which would enable in use of present day information technology in assisting the accounting reform process, collaboration and coordination with Comptroller & Auditor General of India (CAG) and Controller General of Accounts (CGA) to bring improvements in the framework of Government Accounting System.
The Committee brings out newsletters, publications and other useful inputs in areas of contemporary issues related to Public Finance & Government Accounting. It organizes training courses, seminars, workshops and policy dialogue with a view to enhance understanding of members of the profession regarding issues concerning Public Finance & Government Accounting. In this way, the Committee on Public Finance & Government Accounting is a stepping stone in Institute’s mission of partnering with the Government in Nation’s building.