Pictures
See page for author, Public domain, via Wikimedia Commons
See page for author, Public domain, via Wikimedia Commons
- INTRO
- 2500- 1700 BC
- 1500 BC -600BC
- 600 BC-300 BC
- 400 BC TO 200 BC
- 230 BC to 230 CE
- 300 BC To 300 CE
- Early 300 CE TO 600 CE
- 275 CE- - 897CE
- (543- 757 AD) and then (975-1189 AD)
- 593 CE - 982 CE
- 850 CE to 1279 CE
- 952 CE to 1343 CE
- 180 CE to 624 CE
- 700CE to 1200CE
- 1206- 1526 CE
- 1540 CE to 1555 CE
- 1526 CE to 1707 CE
- 1336- 1646 AD
- 1347 CE to 1527 CE
- 1773-1858
- 1858- 1947
- 1947 - Present
- Unrealistic Budget Estimates: At the end of each year, the reasons for the gap between the estimates and ‘actuals’ must be ascertained and efforts made to minimize them. These assumptions should also be subject to audit.
- Delay in Implementation of Projects: The budget's norms should be strictly adhered to avoid making token provisions and spreading resources thinly over many projects/schemes.
- Skewed Expenditure Pattern – Rush of Expenditure towards the end of the Financial Year: The Modified Cash Management System should be strictly adhered to. This system should be extended to all Demands for Grants as soon as possible.
- Ad hoc Project Announcements: The practice of announcing projects and schemes on an ad-hoc basis in budgets and on important National Days and during visits of dignitaries’ functionaries to States needs to be stopped.
- Emphasis on Meeting Budgetary Financial Targets rather than on Outputs and Outcomes
- Development of Financial Information System: A robust financial information system, along the lines of SIAFI of Brazil, needs to be created in a time-bound manner.
- Accrual System of Accounting: A Task Force should be set up to examine the costs and benefits of introducing the accrual system of accounting.
- Internal Audit: An Office of the Chief Internal Auditor (CIA) should be established in select Ministries/departments to carry out the functions related to internal audit. CIA should be directly responsible to the Secretary of the Department. In addition, an Audit Committee should be constituted in each Ministry/Department.
- Integrated Financial Adviser: The role of the Financial Adviser as the Chief Finance Officer of the Ministry who is responsible and accountable to the Secretary of the Ministry/Department should be recognized, and the trend of dual accountability should be done away with.
- Accountability to Parliament
- Relationship between Audit and the Government/Government Agencies: There is a need for better understanding and synergy between the audit and auditees for enhanced public accountability and better audit impact. There should be balanced reporting by the audit.
- Timeliness of Audit: IT should be used increasingly and effectively for data collection and analysis. The capacity of individuals and institutions in government needs to be improved to implement reforms in financial management. To facilitate this, a proper programme of training needs to be devised and implemented in a time-bound manner
