Finance Secretary N. Muruganandam on Wednesday said Tamil Nadu was the first State to create the role of Director General of Audit, and has hired an officer from the Indian Audit and Accounts Service on deputation, for this.
The officer’s responsibility will be to strengthen and streamline the functioning of internal audit departments, so that they perform their functions professionally, he said.
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Mr. Muruganandam was speaking at the Institute of Internal Auditors – Madras Chapter conference on ‘Internal Audit’s Changing Landscape in the World of Fraud and Unknown’ on Wednesday.
The event was organised in association with Association of Certified Fraud Examiners-Chennai Chapter.
Independent audit functions
Mr. Muruganandam said the State government has recognised the importance of internal audits and having proper control mechanisms so that it can improve the efficiency of expenditure.
He pointed out that internal audit departments had been operating under the very department they were supposed to audit, and there was no independence.
The Finance Minister, Palanivel Thiaga Rajan, in his first budget speech had announced that internal audit departments will be brought under the control of the Finance Department, so that they are independent, Mr. Muruganandam said.
Noting that the audit function of the Hindu Religious and Charitable Endowments Department had been brought under the Finance Department, he said one by one, all internal audit functions of departments will be brought under the Finance Department.
Mr. Muruganandam also said that a committee appointed by the State government to reform internal audit departments has submitted its report. They have done a detailed study into aspects like recruitment, training, technology to be used. They have given their recommendations and government would implement them one by one, he said.
Skill building
Mr. Muruganandam pointed out that while the State produces the highest number of graduates, one of the issues has been that they are not industry ready. He said the ‘Naan Mudhalvan’ scheme, the priority project of the Chief Minister M. K. Stalin, aims to bridge the gap by equipping college students with industry-relevant skills.
Mr. Muruganandam said now the plan is to extend the scheme to arts and science colleges, which would be covered in a month or two. The Tamil Nadu Apex Skill Development Center, BFSI is helping in this regard.
A memoranda of understanding between the Institute of Internal Auditors – Madras Chapter and Tamil Nadu Apex Skill Development Center, BFSI was signed on the occasion.
Mahesh Kumar Bajaj, Executive Director, Indian Bank, S. K. Rangaswamy, Chapter Vice President, Kalpana Sankar, Managing Director, Belstar MicroFinance also spoke.
