ICAI plans to audit rural job scheme

In a move to usher in more transparency in Mahatma Gandhi National Rural Employment Guarantee Act, the Institute of Chartered Accountants of India (ICAI) will evolve standards to audit the scheme in 2.5 lakh villages, said ICAI president, Subodh Kumar Agarwal on Friday.

Briefing reporters, he said ICAI would evolve a standardised procedure as the auditing of the MGNREGA scheme was unstructured one. He also urged the Centre to implement the International Financial Reporting Standards from April 1, 2015 for certain companies with a net worth of over Rs.1,000 crore.

Outlining the action plan for 2013-14, he said ICAI would collaborate with Ministries to draw synergy and analogy in enhancing accountability and transparency including public service delivery mechanism and upholding the national and public interest; increase the role of the Institute in the various financial inclusion initiatives of the government and harnessing technology to deliver better services among other issues.

IFRS is designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.