New Delhi, Nov 16 (PTI) Lok Sabha Speaker Om Birla on Saturday said a robust and transparent audit system helps strengthen democracy and takes the country on the path of all-round development.
Addressing an 'Audit Diwas' event of the Comptroller and Auditor General (CAG) here, he asserted that a strong and transparent audit brings fiscal discipline and monetary prudence which ensures that funds passed by Parliament for various schemes are utilised appropriately.
Birla also underlined that to ensure fiscal discipline and transparency in Indian democracy, a senior member of the principal opposition party is conventionally appointed as head of Parliament's Public Accounts Committee (PAC).
"This is the strength of Indian democracy," he asserted, noting that the audit report of CAG on public money spent is scrutinised by the Public Accounts Committee (PAC) where members from both sides share their views on paragraphs of audit reports.
Addressing the gathering, Birla said enhanced transparency in the audit ushers in more fiscal discipline.
He noted that CAG has not only transformed its auditing systems but has also introduced new innovations that have ensured that its work is marked by credibility and authenticity.
Birla said officials from countries around the world come to study India's audit system and learn from it.
He noted that through the efforts of the Parliamentary Research and Training Institute for Democracies (PRIDE) of Lok Sabha Secretariat, officials from more than 50 countries have visited PRIDE to gain a deeper understanding of our audit systems.